Generally accepted accounting principles (GAAP) require the use of fair value accounting for all assets and liabilities.

Question

Generally accepted accounting principles  (GAAP) require the use of fair value accounting for all assets and liabilities.

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) do not require the use of fair value accounting for all assets and liabilities. Some assets and liabilities may be recorded at historical cost or other measures, depending on the specific circumstance and accounting standards.

Generally Accepted Accounting Principles (GAAP) Require the Use of Fair