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Which of the following statements is not consistent with GAAP relating...

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Accounting

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Which of the following statements is not consistent with GAAP relating to asset valuation? Subtracting total liabilities from total assets indicates what the owners' equity in the business is worth under current market conditions Most assets are originally recorded in accounting records at their cost to the business entity Accountants prefer to base the valuation of assets on objective, verifiable evidence rather than upon appraisals or personal opinions

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