The Principle That Indicates That Assets Should Be Reported at the Price

question 14

Multiple Choice

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

• A)historical cost principle.
• B)fair value principle.
• C)full disclosure principle.
• D)consistency principle.

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Definitions:

New Amsterdam

The 17th century Dutch colony that was located at the southern tip of Manhattan Island, which later became New York City upon English acquisition.

New Netherland

A 17th-century colonial province of the Dutch Republic that included parts of present-day New York, New Jersey, Delaware, and Connecticut.

Dutch Reformed Church

A Protestant Christian denomination originating in the Netherlands during the Reformation, known for Calvinist theology and significant presence in North America.

New Amsterdam

The 17th-century Dutch settlement that later became New York City, reflecting the early colonial history of the United States.