Which of the following is most accurate in describing the measurement of assets and liabilities? a. Fair value should be used as often as possible. b. Assets are marked at historic cost, especially for U.S. GAAP, and liabilities are
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Which of the following is most accurate in describing the measurement of assets and liabilities?
a. Fair value should be used as often as possible.
b. Assets are marked at historic cost, especially for U.S. GAAP, and liabilities are recorded at present value.
c. A number of different methods are allowed for calculating asset and liability values.
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