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:

Approved Standards

Officially recognized criteria, guidelines, or specifications for products, services, processes, or systems that ensure quality, safety, efficiency, and interchangeability.

Behavior

The actions or reactions of an object or organism, usually in relation to the environment or stimuli.

Augmented Reality

A technology that superimposes computer-generated images on a user's view of the real world, thus providing a composite view.

Data Mining

Data mining involves extracting valuable information from a large set of data, by identifying patterns, anomalies, and correlations.