The Principle Stating That Assets Acquired by the Business Should

question 83

Multiple Choice

The principle stating that assets acquired by the business should be recorded at their actual cost on the date of purchase is the:

• A)cost principle.
• B)objectivity principle.
• C)reliability principle.
• D)stable dollar principle.

---

Definitions:

Eudicotyledon

A major group of flowering plants characterized by the presence of two seed leaves, or cotyledons, upon germination.

Vascular Bundles

Strands of specialized tissue in plants that contain xylem and phloem for the transportation of water, nutrients, and sugars.

Apical Meristem

A region of plant tissue, found at the tips of roots and shoots, responsible for primary growth.

Woody Bark

The tough, protective outer layer of a woody plant or tree, consisting of dead cells and providing support and protection.