As it relates to the cost of an asset and its fair market va

As it relates to the cost of an asset and its fair market value: Generally, the fair market value of any asset is irrelevant They must be the same amount on the date the asset was acquired They can be the same amount Assets must be recorded at the lower of its cost or its fair market value They are the same amount only when the asset is sold

Solution

Cost of an asset of the cost incurred for making the asset + Any taxes paid to sell the asset to the purchaser.
Fair market value of the asset is the highest price an asset would sell in an open market between two knowledgeable parties.
In most cases, if the cost and profit margins are as per the industry norms, the cost and the fair value of assets would be the same. Fair value of any asset cannot be considered irrelevant during the time of sale as it gives the buyer/seller a fair estimation of the price the asset may fetch in open market.
SO, the answer is Option C

The reasons why all other options are not true are explained above..