Assets other than cash should be recorded at their current fair market values when received from the issuance of shares.

Question

Quizplus · Accepted Answer

According to generally accepted accounting principles (GAAP), assets received in exchange for the issuance of shares should be recorded at their fair market value at the date of the transaction. This is to ensure that the financial statements reflect the true value of the assets and the transaction.

Assets Other Than Cash Should Be Recorded at Their Current