Which of the Following Is a Difference Between Personal Financial

question 2

Multiple Choice

Which of the following is a difference between personal financial statements and business financial statements?

• A) Personal financial statements follow the cost principle, whereas business financial statements do not follow the cost principle.
• B) Personal financial statements should present assets at estimated current values, whereas business financial statements should present assets at historical cost.
• C) Personal financial statements are not governed by GAAP, whereas business financial statements are governed by GAAP.
• D) Personal financial statements are prepared for a specific period of time, whereas business financial statements are prepared for a general period.

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Definitions:

Pantry Cabinet

A storage area in a kitchen used for food, dishes, and utensils.

Activities Of Daily Living

Basic self-care tasks that an individual does on a day-to-day basis, such as eating, bathing, dressing, toileting, and mobility.

Continence

The ability to control the bodily functions of urination and defecation, being a sign of health in various systems.

Alzheimer's Disease

A progressive neurological disorder that causes brain cells to waste away and die, leading to a continuous decline in thinking, behavioral, and social skills.