According to generally accepted accounting principles (GAAP), assets are generally shown on financial statements at the higher of current market value or historical cost.

Name: According to generally accepted accounting principles (GAAP), assets are generally shown on financial statements at the higher of current market value or historical cost.
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According to GAAP, assets are generally shown on financial statements at historical cost, not at the higher of current market value or historical cost.

According to Generally Accepted Accounting Principles (GAAP), Assets Are Generally