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.

---

Definitions:

Apprenticeships

A system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study.

Staffing Needs

Refers to the identification and fulfillment of the number and types of employees an organization requires to meet its objectives.

Planned Approach

A methodical strategy designed in advance to achieve a specific goal or to solve a particular problem.

Trust Between

The level of confidence, reliability, and understanding existing among individuals, organizations, or systems, enabling a cooperative or interdependent relationship.