Under GAAP,a firm's assets are reported at:

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Under GAAP (Generally Accepted Accounting Principles), a firm's assets are reported at their cost. This means that the historical cost of acquiring an asset (i.e. the cost when it was purchased) is used to determine its value on the firm's balance sheet rather than its market value, liquidation value, or intrinsic value. This approach is used to provide consistency and accuracy in financial reporting across companies and industries.

Under GAAP,a Firm's Assets Are Reported At