The generally accepted accounting principle that supports recording thevalue of a property at the purchase price when the market value is higher isthe:O monetary principleO going concern principleO conservatism principleO cost principle

Monetary principle says that a business should only record transaction if it is measured in monetary…

Answered: The generally accepted accounting…

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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When a property dividend is declared and the book value of the property exceeds its market value, the dividend is recorded at the O Book value of the property at the date of distribution if it still exceeds the market value of the property at the date of declaration. O Market value of the property at the date distribution. O Book value of the property at the date of declaration. O Market value of the property at the date of declaration.
The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principle
The difference between book value of the asset with the proceeds received from its sale, will result in:
The right of use asset is more likely computed as a percentage of which of the following figures? fair value the lower of the sale price and fair value sale price carrying amount
Describe the two categories of accounting depreciation?
What entry is made when a fixed asset is sold?
It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of making asset serviceable. a. Adjusted standard cost O b. Cost basis O c. Standard cost O d. Adjusted cost basis
Under what conditions should financing be explicitly considered when estimating the value of a property?
Revenue Expenditures are Select one: O a. Expenses related to Business Operation O b. None of the these O c. Have no direct effect on profit O d. Expenses incurred when purchasing non- current assets
Which of the following features of an asset closely links its definition to the science of Economics? An asset is controlled by an entity An asset can provide future benefits to an entity An asset can command a price An asset is exclusively owned by an entity А. В. С. D.
Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.
Accounting depreciation is sometimes referred to more generally as asset depreciation. True or false?

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The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: