Which of the following has/have been the accepted valuation system for published financial statements throughout the financial history of the United States?
A)Historical cost
B)Income tax valuation
C)Discounted cash flows
D)General price level

Question

Quizplus · Accepted Answer

Throughout the financial history of the United States, historical cost has been the accepted valuation system for published financial statements. This means that assets and liabilities are recorded at their original purchase price, without any adjustments for inflation or changes in market value.

Which of the Following Has/have Been the Accepted Valuation System