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