Multiple Choice
If a business is not being sold or closed, the amounts reported in the accounts for assets used in operations are based on costs. This practice is justified by the
A) historical cost principle
B) going concern principle
C) revenue recognition principle
D) business entity principle
E) currency principle
Correct Answer:
Verified
Correct Answer:
Verified
Q195: Which of the following business transactions would
Q196: Ownership of a corporation is divided into
Q197: Ethical behaviour requires<br>A) accountants to keep business
Q198: Profit is another name for<br>A) the income
Q199: Salaries paid with cash appear on which
Q201: Unlimited liability is an advantage for both
Q202: The assets of a business total $20,000;
Q203: The financial statement that shows the beginning
Q204: Under which one of the following situations
Q205: Ethics and laws often differ.