The Accounting Convention That Requires Items in the Statement of Financial

question 72

Multiple Choice

The accounting convention that requires items in the statement of financial position to be valued at their acquisition cost is the:

• A)matching convention.
• B)realisation convention.
• C)money measurement convention.
• D)historic cost convention.

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Definitions:

Blindness

The state of being unable to see as a result of bodily or brain-related causes.

Deafness

A condition characterized by the partial or complete inability to hear.

Life Support Functions

Essential physiological processes necessary for maintaining life, such as breathing, blood circulation, and temperature regulation.

Respiration

The biological process involving the inhalation of oxygen and exhalation of carbon dioxide, essential for cellular metabolism and energy production.