Valuing assets at replacement cost to facilitate the measurement of "economic income" violates the _____ accounting convention.
A)materiality
B)objectivity
C)conservatism
D)cost benefit

Question

Quizplus · Accepted Answer

Valuing assets at replacement cost for the purpose of measuring "economic income" violates the objectivity accounting convention because it introduces subjectivity into the valuation process, moving away from the more objective historical cost principle.

Valuing Assets at Replacement Cost to Facilitate the Measurement of "Economic