The Accounting Principle That Requires Accounting Information to Be Based

question 125

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 cash or cash-equivalent amount given in exchange, is the:

• A) Accounting equation.
• B) Cost principle.
• C) Going-concern assumption.
• D) Realization principle.
• E) Business entity assumption.

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Definitions:

Darley And Latané

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To experience a sudden failure under pressure, often in a context where success was expected or required.

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A dining establishment located within a college or university where students, staff, and sometimes the public can purchase and eat meals.