Also known as the historical cost principle, ________ states that everything the company owns orcontrols (assets) must be recorded at their value at the date of acquisition.A. revenue recognition principleB. expense recognition (matching) principleC. cost principleD. full disclosure principle
Also known as the historical cost principle, ________ states that everything the company owns orcontrols (assets) must be recorded at their value at the date of acquisition.A. revenue recognition principleB. expense recognition (matching) principleC. cost principleD. full disclosure principle
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 11MC: Also known as the historical cost principle, ________ states that everything the company owns or...
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Also known as the historical cost principle, ________ states that everything the company owns or
controls (assets) must be recorded at their value at the date of acquisition.
A. revenue recognition principle
B. expense recognition (matching) principle
C. cost principle
D. full disclosure principle
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