Generally accepted accounting principles (GAAP) permits firms to choose among different methods of depreciation and inventory valuation.

Name: Generally accepted accounting principles (GAAP) permits firms to choose among different methods of depreciation and inventory valuation.
Brand: Quizplus
Rating: 4.9 (45 reviews)

Question

Quizplus · Accepted Answer

GAAP does allow for flexibility in choosing depreciation and inventory valuation methods, as long as the chosen method is consistently applied and disclosed properly in financial statements.

Generally Accepted Accounting Principles (GAAP) Permits Firms to Choose Among