Generally accepted accounting practices (GAAP)allow firms to choose among different methods of amortization and inventory valuation.

Name: Generally accepted accounting practices (GAAP)allow firms to choose among different methods of amortization and inventory valuation.
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GAAP provide a framework for accounting practices, but within that framework, companies have some flexibility in choosing specific methods for certain accounting procedures such as amortization and inventory valuation.

Generally Accepted Accounting Practices (GAAP)allow Firms to Choose Among Different