Which of the Following Is a Difference Between Personal Financial

Multiple Choice

Which of the following is a difference between personal financial statements and business financial statements?

A) Personal financial statements follow the cost principle, whereas business financial statements do not follow the cost principle.
B) Personal financial statements should present assets at estimated current values, whereas business financial statements should present assets at historical cost.
C) Personal financial statements are not governed by GAAP, whereas business financial statements are governed by GAAP.
D) Personal financial statements are prepared for a specific period of time, whereas business financial statements are prepared for a general period.