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Consider the following chart of laboratory test results of four patients:
-Which of the patients has anemia?
Cost Principle
The accounting principle that states goods and services should be recorded at their cost at the time of acquisition.
Historical Cost Principle
An accounting principle that requires assets to be recorded and reported at their purchase price, without adjustments for inflation or market value changes.
Owner's Equity
The value that accrues to the owners of a company after settling all its debts, equivalent to the assets minus the liabilities.
Residual Equity
Residual Equity represents the amount of equity that remains for the common shareholders after all liabilities and preferential stock claims have been settled.
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