Which One of the Following Statements Is True Concerning Assets

question 137

Multiple Choice

Which one of the following statements is true concerning assets?

• A)They are recorded at market value and then adjusted for inflation.
• B)They are recorded at market value for financial reporting purposes as historical cost may be arbitrary.
• C)Accountants use the term historical cost to refer to the original cost of an asset.
• D)Assets are measured using the time-period approach.

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Definitions:

Codes Of Ethics

Written set of principles and rules intended to guide behaviors and decisions of professionals and organizations.

Ethical Corporate Culture

An organizational environment that promotes integrity, accountability, and ethical behavior among its members.

Corporate

Pertains to corporations and their activities, characteristics, or culture, emphasizing the business or commercial aspect.

Employee Values

The beliefs and principles that are important to an organization's employees, guiding their behavior and influencing their work environment and satisfaction.