Explain how General Capital Assets and General Long-Term Liabilities are reported in GAAP financial statements.

Question:

Explain how General Capital Assets and General Long-Term Liabilities are reported in financial statements.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...