The Accounting Concept That Indicates Assets Should Be Reported at the Price

question 155

Multiple Choice

The accounting concept that indicates assets should be reported at the price that would be received to sell an asset is the

• A)economic entity assumption.
• B)monetary unit assumption.
• C)fair value principle.
• D)historical cost principle.

---

Definitions:

Mixed Subsistence Strategy

A way of living that involves combining different methods of obtaining food, such as hunting, gathering, farming, and trading.

Geographical Region

A specific area or section of the world identified by physical, political, or cultural traits.

Industrial Food Production

Large-scale businesses involved in mass food production, processing, and marketing, which primarily rely on labor-saving machines.

Greatest Drawback

The most significant disadvantage or negative aspect associated with a particular situation, decision, or object.