Generally accepted accounting principles state that all business transactions should be valued at fair value both when they occur and at all subsequent reporting dates.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles do not require all business transactions to be valued at fair value. Instead, certain transactions may be valued at other measures such as historical cost or net realizable value. However, fair value measurement is increasingly applied to various financial instruments and assets under certain circumstances.

Generally Accepted Accounting Principles State That All Business Transactions Should