Multiple Choice
If a business is not being sold or closed, the amounts reported in the accounts for assetsused in operations are based on costs. This practice is justified by the:
A) Cost principle.
B) Going concern principle.
C) Revenue recognition principle.
D) Monetary unit principle.
E) Business entity principle.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Internal operating functions include research and development,
Q49: A liability expressed by a written promise
Q113: Which of the following is an example
Q115: To include the personal assets and transactions
Q117: Something of value, such as products, services
Q118: A statement of financial position is another
Q119: Exchanges between the entity and some other
Q130: Describe source documents and their purpose.
Q142: Describe the main user groups, their members,
Q145: An owner's cash investment in a business