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:

Bayon

A richly decorated Khmer temple in Cambodia, known for its massive stone faces and serves as the central temple of the ancient city of Angkor Thom.

Belief System

A set of principles or tenets which together form the basis of a religion, philosophy, or moral outlook.

Mithraism

An ancient Roman mystery religion centered around the god Mithras, characterized by complex rituals and symbolism, primarily appealing to soldiers and merchants.

Enlightenment

The 18th-century Western philosophy based on empirical evidence. The Enlightenment was a new way of thinking critically about the world and about humankind, independently of religion, myth, or tradition.