The Accounting Principle That Requires Accounting Information to Be Based

question 60

Multiple Choice

The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the amount of cash or cash equivalent given in exchange is the:

• A)Accounting equation
• B)Cost principle
• C)Going-concern principle
• D)Realization principle
• E)Business entity principle

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Definitions:

Louise Derman-Sparks

An educator and author known for her work in developing anti-bias curriculum strategies for young children.

Cross-Cultural Communication

The process of recognizing and understanding the differences and similarities in communication across various cultures.

Cultural Pluralism

An approach that advocates for the mutual respect and tolerance of diverse cultural groups.

Collectivist

A cultural or societal framework that emphasizes the interdependence of individuals within their communities and values the needs and goals of the group over those of the individual.