When Assets Are Acquired, They Should Be Recorded in the Accounts

question 25

Multiple Choice

When assets are acquired, they should be recorded in the accounts in conformity with the:

• A) cost principle.
• B) full-disclosure principle.
• C) materiality constraint.
• D) separate entity assumption.
• E) matching principle.

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Definitions:

Tangible Attributes

Physical characteristics or features of a product that can be seen, touched, and measured.

Consumer Needs

The essential requirements and desires that individuals seek to fulfill with products and services.

Political Candidate

An individual who seeks to be elected to a governmental position or office.

Dental Hygiene

The practice of keeping one's mouth, teeth, and gums clean and healthy to prevent disease.