Long-Term Operating Assets Can Be Reported on the Balance Sheet

question 13

Multiple Choice

Long-term operating assets can be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP?

• A) It applies to IFRS only.
• B) It applies to U.S. GAAP only.
• C) It applies to both IFRS and U.S. GAAP.
• D) It does not apply to IFRS and U.S. GAAP.

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Definitions:

Solution

The value or set of values that satisfies a given mathematical equation or inequality.

Inequality

A mathematical sentence indicating that two expressions are not equal, using symbols such as <, >, ≤, or ≥.

Solve

The process of finding the value(s) of variable(s) that satisfy an equation, inequality, or system of equations.