In Accounting, the Rule That Requires That Assets, Services, and Liabilities

question 288

Short Answer

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ________.

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Definitions:

Parking Brake

A vehicle's mechanism that locks the wheels to prevent it from moving, typically used when the vehicle is parked.

Recover Damages

The act of securing compensation through legal means for a loss or injury.

Igniting Fire

The process of starting a fire, whether intentionally for a purpose or accidentally.

Reasonable Care

The degree of caution and concern for the safety of the self and others an ordinarily prudent and rational person would use in the circumstances.