THE CONCEPT WHICH STATES THAT ASSETS ARE NOT TO BE RECORDED AT THEIR CURRENT MARKET VALUE IS
A. money measurement B. materiality C. cost ✓ D. entity The answer to the question is: C. cost The concept which states that assets are not to be recorded at their current market value is the principle of cost. This principle is a…
STATIONERY WHICH WILL BE USED OVER A LONG PERIOD OF TIME IS USUALLY RECORDED AS AN EXPENSE INSTEAD OF AN ASSET. THIS CONCEPT IS CALLED
A. entity B. accrual C. realization D. materiality ✓ The answer to the question is: D. materiality The concept of recording stationery used over a long period of time as an expense instead of an asset is related to the accounting principle of materiality.…
Study Guide
