Which of the following is an essential characteristic of the traditional accounting model?

Question

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All three characteristics, going concern assumption, cost principle, and entity concept, are essential to the traditional accounting model. The going concern assumption assumes that the company will continue its operations in the future, and therefore its assets have long-term value. The cost principle requires that assets be recorded at their original purchase price rather than their current market value. The entity concept requires that the financial records of the business be kept separate from its owners and any other entities.

Which of the Following Is an Essential Characteristic of the Traditional