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:

Global Leadership

The ability to influence and guide individuals, teams, or organizations across cultural and geographic boundaries, often involving diverse and complex global issues.

Customer-Facing

Pertains to activities, roles, or functions in a business that involve direct interaction with the customers.

Corporate Vision

Understanding the company’s overarching objectives and helping individuals stay focused on these objectives.

External Locus

An individual's belief that their success or failure is influenced by external factors or forces beyond their control.