Which of the Following Criteria Must Be Met Before an Event

question 115

Multiple Choice

Which of the following criteria must be met before an event or item should be recorded for accounting purposes?

• A) The event or item can be measured objectively in financial terms.
• B) The event or item is relevant and reliable.
• C) The event or item is an element.
• D) All of these must be met.

---

Definitions:

Domestic Consumption

The total amount of goods and services consumed by the residents of a country.

Domestic Production

The total value of all goods and services produced within a country's borders over a specified period of time.

Protection

Measures taken by a government to safeguard its industries from overseas competition, often through tariffs, quotas, or other restrictions.

Domestic Price

The price of goods or services within a country, which may differ from international prices due to tariffs, subsidies, or other domestic policies.