In March 2025
Answer to Question #176466 in Management for Ron
Case 1: Mr Pierre acquired his
buriness for P10,000,000. The
fair Market value of buriners is
P11,000,000.
Will it be more useful if
accounting records were adjusted
corresponding to the fair market
value amount of business? Jutify
your answer.
please🥺
Yes. The adjust ment will help in recognizing the correct assets and liabilities of the business. Also, it will help in ascertaining the amount of tax to be paid.
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Comments
NO acquisition of business should not be recorded at fair market value but at historical cost. Otherwise, there would be a recording of goodwill on business acquisition which is not permitted within in the current generally accepted accounting principles.
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