According to U.S. GAAP, asset retirement obligations are ________.
A) measured as the present value of past resource usage
B) obligations to replace old buildings and equipment with new assets
C) sinking funds for bonds or other long-term liabilities
D) long-term legal requirements to restore property

Question

Quizplus · Accepted Answer

Asset retirement obligations under U.S. GAAP refer to the long-term legal requirements to restore property to its original condition after the end of its useful life.