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