The Accounting Convention That the Objectivity Principle Provides Support for Is

question 65

Multiple Choice

The accounting convention that the objectivity principle provides support for is:

• A)historic cost.
• B)prudence (conservatism).
• C)relevance.
• D)accounting period.

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Definitions:

°C

Degrees Celsius (°C) is a unit of temperature measurement based on the Celsius scale, where water freezes at 0°C and boils at 100°C under standard atmospheric conditions.

Atm

A unit of pressure used to describe the air pressure at sea level, equivalent to 101,325 Pa or about 14.696 psi.

Moles

A unit in chemistry that represents 6.022 x 10^23 particles of a given substance, used to express the amount of a chemical substance.

Temperature

An indication of how hot or cold a substance is, determined by the average kinetic energy of its particles.