The Cost Principle Requires a Business to Record the Assets

question 135

True/False

The cost principle requires a business to record the assets acquired,or services received,at their actual cost.

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Definitions:

Transaction

An exchange or transfer of goods, services, or funds between two or more parties.

Contract for the International Sale of Goods

A set of rules governing the sale of goods between parties based in different countries, aiming to provide a common legal framework.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform set of rules for the international sale of goods.

Writing Requirement

A legal requirement that certain kinds of contracts or agreements must be memorialized in written form to be legally binding.