Balance sheets prepared in compliance with U.S.GAAP reflect a mixture of
A)historical cost and future cash values.
B)current value and discounted future cash flows.
C)discounted cash flows and future values.
D)historical cost,fair value,net realizable value,and discounted present values.

Question

Quizplus · Accepted Answer

U.S.GAAP allows for the use of historical cost, fair value, net realizable value, and discounted present values in preparing balance sheets. Therefore, balance sheets prepared in compliance with U.S.GAAP reflect a mixture of these various valuation methods.

Balance Sheets Prepared in Compliance with U