If a Business Is Not Being Sold or Closed, the Amounts

question 200

Multiple Choice

If a business is not being sold or closed, the amounts reported in the accounts for assets used in operations are based on costs. This practice is justified by the

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

---

Definitions:

Sample Size

Refers to the number of individuals or observations included in a sample, which represents a subset of the larger population.

N

Represents the sample size or the number of observations in a dataset.

Σ Symbol

A mathematical notation that represents the sum of a set of terms, known as the summation symbol.

Sum Of Values

The total obtained by adding together a sequence of numbers, quantities, or items.