Which Accounting Assumption Requires That Only Those Things That Can

question 115

Multiple Choice

Which accounting assumption requires that only those things that can be expressed in dollar values are included in the accounting records?

• A)monetary unit assumption.
• B)historical cost principle.
• C)periodicity assumption.
• D)full disclosure principle.

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Definitions:

Statute

A formal written law enacted by a legislative body; statutes govern areas not covered by common law.

FOIA

stands for the Freedom of Information Act, a U.S. law that grants the public the right to request access to records from any federal agency, promoting transparency in government.

Federal Agencies

Government bodies established by the United States Congress to implement and administer specific federal laws and policies.

Providing Records

The process or action by which an individual or entity supplies or makes available documents or data as required by law or agreement.