Question $17$

There are two companies that both follow generally accepted accounting principles $($GAAP$),$

ABC Company and XYZ Company. ABC and XYZ both commenced operations three years

ago with $$2,000,000$ of fixed assets. Neither ABC nor XYZ have sold or otherwise disposed

of any of these fixed assets. Additionally, ABC and XYZ have not purchased any new fixed

assets. Both ABC and $xYZ$ are required to report the same amount of net fixed assets on

their respective Balance Sheets.

True

False