The Accounting Principle That Requires That Transactions Are to Be

question 3

Multiple Choice

The accounting principle that requires that transactions are to be expressed using units of money in the currency of the country in which the company primarily operates as the common denominator is the

• A) business entity principle
• B) currency
• C) going concern principle
• D) historical cost principle
• E) revenue recognition principle

Understand the concepts of markets, including the roles of buyers and sellers.

Grasp the definition and distinction between markets and industries.

Recognize the factors that affect market prices and competition.

Identify key factors that determine the geographic extent of markets.