The Accounting Principle That Requires Accounting Information to Be Based

question 60

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 amount of cash or cash equivalent given in exchange is the:

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

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Definitions:

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