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.

---

Definitions:

Closeout

The final phase in a project where tasks are completed, documents are finalized, and the project is formally closed.

Execution Phase

The stage in a project’s lifecycle where planned tasks and activities are carried out to deliver the project's objectives.

Information Technology

The use of computers and software to manage information, including data processing, storage, and transmission.

Software Code

The written commands and instructions that tell a computer how to perform specific tasks and operations.