Gross book value of a fixed asset is its___________.

Cost less depreciation

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Historical cost

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Historical cost less accumulated deprecation

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Fair market value

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Solution

The correct option is B Historical cost
Gross book value of a fixed asset is its historical cost or other amount substituted for historical cost in the books of account or financial statements. When this amount is shown net of accumulated depreciation, it is termed as net book value.

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If book value of a fixed asset equals to market value or sale proceeds of a fixed asset then :

D e p r e c i a t i o n = \frac{Cost of Asset less Scrap Value}{Estimated Working ____________ of Asset}

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