Which of the Following Statements Is Incorrect

question 53

Multiple Choice

Which of the following statements is incorrect?

• A)Under GAAP, statements are prepared using accrual accounting.
• B)Under GAAP, all assets are marked to market each accounting period.
• C)Under GAAP, it is necessary to make certain estimates.
• D)Annual statements submitted to the SEC (10-K) must be prepared using GAAP.

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