Related to accounting for the impact of inflation on fixed assets, GAAP requires
A)management's discretion
B)use of current dollars
C)dollars realized in future periods
D)GAAP is silent on the issue

Question

Quizplus · Accepted Answer

GAAP does not specifically address the adjustment of fixed assets for inflation. Instead, it focuses on historical cost accounting, which records assets at their original purchase price without adjusting for changes in the value of money over time.

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