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:

Reproductive Maturity

The stage in an organism's life cycle when it becomes capable of producing offspring.

Adaptive Radiation

Macroevolutionary pattern in which a lineage undergoes a burst of genetic divergences that gives rise to many species.

Evolutionary Innovation

The development of new structures, behaviors, or physiological processes in a species that enhances survival, reproduction, or adaptation to environmental changes.

Uniformitarianism

The principle suggesting that Earth's geologic processes acted in the same manner and with essentially the same intensity in the past as they do in the present, and that this consistency accounts for all geological changes.