Although Some of the Early Sociologists Saw Themselves as Social

question 60

Multiple Choice

Although some of the early sociologists saw themselves as social reformers,by the middle of the 20^th century the focus of the discipline of sociology had shifted to

• A)theorizing and gathering information.
• B)a de-emphasis on the scientific method.
• C)applied sociology.
• D)advocacy of civil rights for minorities.

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Definitions:

Historical Cost Principle

An accounting principle that states assets should be recorded and reported at their original purchase price, not their current market value.

Economic Entity Assumption

The economic entity assumption is an accounting principle that treats a company as a separate entity from its owners for reporting purposes.

Comparability

A qualitative characteristic of financial information that allows stakeholders to identify similarities and differences between two or more sets of economic facts.

Faithful Representation

A fundamental qualitative characteristic in accounting, ensuring that financial information accurately reflects the economic events it purports to represent.