Which of the Following Is Not a Generally Accepted Accounting

question 118

Multiple Choice

Which of the following is not a generally accepted accounting principle relating to the valuation of assets?

• A)The cost principle - in general,assets are valued at cost,rather than at estimated market values.
• B)The objectivity principle - accountants prefer to use objective,rather than subjective,information as the basis for accounting information.
• C)The safety principle - assets are valued at no more than the value for which they are insured.
• D)The going-concern assumption - one reason for valuing assets such as buildings and equipment at cost rather than at their current market values is the assumption that the business will use these assets rather than sell them.

---

Definitions:

Good Catch

A term often used in healthcare and safety industries to refer to a potentially harmful error that is identified and corrected before causing harm.

Bad Bounce

Refers to an unfavorable or unexpected outcome, often used in the context of sports to describe an erratic movement of the ball.

Fundamental Attribution Error

the tendency to overemphasize personal characteristics and ignore situational factors when judging others' behavior.

Anxious Woman

A term referring to a female experiencing persistent worry or fearfulness, which may affect her daily functioning.