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

question 208

Multiple Choice

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

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

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Definitions:

Myocardial Infarction

A medical term for a heart attack, which occurs when blood flow to the heart muscle is abruptly cut off, causing tissue damage.

Medical Abbreviation

A shortened form of words or phrases used in the healthcare field to convey information efficiently.

Glucosuria

The excretion of glucose in the urine, typically an indication of high blood sugar levels.

Glycosuria

The presence of glucose in the urine, often an indicator of uncontrolled diabetes or other metabolic conditions.