49. Recording assets at their acquisition cost (entry value), rather than at their net selling price (exit value), is in line with the concept of a. Single entity concept. b. Historical cost concept. c. Going concern concept. d. Matching principle.
49. Recording assets at their acquisition cost (entry value), rather than at their net selling price (exit value), is in line with the concept of a. Single entity concept. b. Historical cost concept. c. Going concern concept. d. Matching principle.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:49. Recording assets at their acquisition cost (entry value), rather than at their net selling price (exit value), is in
line with the concept of
a. Single entity concept.
b. Historical cost concept.
c. Going concern concept.
d. Matching principle.
50. The term "posting" as used in accounting means
a. recording an accountable event in debit-credit format.
b. transferring the debits and credits of journal entries from the journal to the affected accounts in the
ledger.
c. checking the equality of the monetary totals of debits and credits of accounts in the ledger.
d. uploading photographs to the internet.
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