The Accounting Principle That Requires Accounting Information to Be Based

question 249

Multiple Choice

The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the:

• A) Going-concern assumption.
• B) Measurement (Cost) principle.
• C) Business entity assumption.
• D) Accounting equation.
• E) Realization principle.

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Definitions:

Managerial Success

The achievement of desired managerial outcomes, often evaluated by criteria such as meeting business goals, efficient resource use, and team development.

High Energy Level

A state of having increased stamina or vitality, often seen as beneficial in both personal and professional contexts.

Entrepreneurs

Individuals who start, organize, manage, and assume the risks of a business or enterprise, often innovating and creating new products or services.

Easily Discouraged

Quick to lose confidence or enthusiasm in the face of challenges or setbacks.