The Accounting Convention That Requires Items in the Balance Sheet

question 29

Multiple Choice

The accounting convention that requires items in the balance sheet to be valued at their acquisition cost is the:

• A) money measurement convention.
• B) realisation convention.
• C) historical cost convention.
• D) matching convention.

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Definitions:

Class Action

A lawsuit filed by one or more plaintiffs on behalf of a larger group of people who are similarly affected by the same issue.

Representative Plaintiff

An individual in a class action lawsuit who represents the interests of the class members and whose experience typifies the grievances of the whole class.

Named Plaintiff

A named plaintiff is an individual who brings a lawsuit or is named in a legal action on behalf of a group in a class action lawsuit, representing the interests of the members of the class.

Lead Plaintiff

A representative party in a class-action lawsuit who has a significant interest in the outcome and leads the litigation process.