Accounting for Cryptocurrencies Answer the following questions and provide support for your responses:

1.Under US GAAP, what do you think cryptocurrencies (such as bitcoin) are classified as?

2. Based on your classification, how would they be measured?

Part 3: Understanding public blockchain data:

1.Blockchair is a block explorer. Using this block explorer, the transaction ID and the wallet address, check to see if each transaction exists on the bitcoin blockchain and if the value of each transaction (number of tokens) differs from the client data.

2. What are your findings?

3.What are your perspectives about using a tool like this to audit these types of transactions?

Answer rating: 100% (QA)

Under US GAAP cryptocurrencies such as bitcoin are generally classified as a cash equivalent or a fi... View the full answer