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.

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Definitions:

Light Sensitive

Having a heightened responsiveness or susceptibility to the effects of light.

Retina

At the eye's back, there's a sheet of light-sensitive cells that start nerve responses, traveling through the optic nerve to the brain, where they result in the formation of a visual picture.

Retina

The light-sensitive layer of tissue at the back of the inner eye, responsible for converting light into neural signals for visual recognition.

Lens

A transparent structure in the eye that focuses light onto the retina to produce clear images.