单选题 Under U.S. GAAP, land owned by the firm is most likely to be reported on the balance sheet at : A. fair market value. B. fair market value minus selling costs. C. historical cost.

【正确答案】 C

【答案解析】Unless impairment has been recognized, land is reported at historical cost and is not subject to depreciation. Increases in value are not reflected in balance sheet values under U. S. GAAP.