Under GAAP, an asset that would be recorded at fair value would be
A) Goodwill
B) Buildings
C) Investments in marketable equity securities
D) Most inventories

Question

Quizplus · Accepted Answer

Investments in marketable equity securities are typically recorded at fair value under GAAP. Goodwill is only recorded when there is a business combination and buildings are usually recorded at historical cost. Most inventories are recorded at the lower of cost or market.

Under GAAP, an Asset That Would Be Recorded at Fair