If a Country Uses a Disclosed Basis of Accounting for Private

question 1

Multiple Choice

If a country uses a disclosed basis of accounting for private companies, which of the following statements is true?

• A)Private companies can create their own GAAP as long as it is disclosed and the spirit of the country's GAAP standards has been followed.
• B)Private companies can pick and choose which aspects of GAAP to follow.
• C)Private companies must report using fair value.
• D)Private companies must report using both historical and fair value.

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