Quiz – T/F: Assume that two firms are both following generally accepted accounting principles.

Fundamentals of Financial Management, Concise, 9e & 10e by Brigham and Houston

Assume that two companies are reporting under the generally accepted accounting principles. Both firms began two years ago with $1 million of fixed assets, and neither firm sold any assets nor purchased any new ones. Both firms would be required to report the same amount of net fixed assets on their balance sheets as those statements are presented to investors.

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