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:

Adolescent Boys

Refers to male individuals in the stage of development between childhood and adulthood, often marked by substantial physical, emotional, and psychological changes.

Adolescent Girls

Female individuals who are in the stage of development between childhood and adulthood, typically between the ages of 10 and 19.

Adults

Individuals who have reached the age of maturity, typically being fully developed physically and mentally, and legally responsible for their actions.