Review Question #1

Which of the following statements is correct about CRV?

1. This is a value that reflects how much it would cost to replace an asset to agency standard in the general locale.
   
   
2. This is a value that reflects how much it cost to design and construct the asset in a particular location.
   
   
3. This is an accounting value that is used to determine maintenance cost recovery of a particular asset.
   
   
4. Both "a" and "c"