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

question 113

Multiple Choice

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

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

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Definitions:

Cellular Network

A wireless communication network distributed over land areas called cells, each served by at least one fixed-location transceiver, for mobile phones and data transfer.

Debit Card

A card that directly withdraws funds from a user's checking account to cover the cost of a purchase.

Credit Card

A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them later.