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Tangible assets are first recorded at ______. Multiple choice question. current market value or resale value the amount of cash paid for them all costs to acquire them and prepare them for use cost minus residual (or salvage) value

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tutorAnne

Tangible assets are first recorded at costs to acquire them for use.

  • Tangible assets are  fixed assets which is  referred to as the physical assets which a company/Buisness owns to carry out its daily activities in order to create profit .

  • They include investments, cash, inventory, vehicles, office equipment, buildings,machines, etc

Tangible assets are very important to businesses  as they

  • Help in business operations  to provide goods and services
  • Serve as collateral for loans
  • In case of emergency, they can generate cash

Tangible assets are first recorded in the balance sheet as costs to acquire them for use.

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