_____ Is the Basis for the Practice of Reporting Certain

Multiple Choice

_____ is the basis for the practice of reporting certain assets at the lower of acquisition cost or fair value.The requirement to test assets for impairment and to record impairment charges rests on the notion that balance sheet carrying values of assets should not exceed the amount of cash that the firm expects to receive by using or selling the asset.

A) Conservatism
B) Reliability
C) Relevance
D) Recognition
E) Realization