Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000. A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption

Answered: A. General accounting principle B.…

A. General accounting principle B. Measurement (cost) principle C. Business entity assumption D. Revenue recognition principle E. Expense recognition (matching) principle F. Going-concern assumption

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.

A. General accounting principle
B. Measurement (cost) principle
C. Business entity assumption
D. Revenue recognition principle
E. Expense recognition (matching) principle
F. Going-concern assumption

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