Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 36

The answers to these questions appear on page 85.Note: In order to review as many chapter concepts as possible, some self-test questions include more than one correct answer.n these cases, you should indicate all of the correct answers.
Which of the following statements is (are) not consistent with generally accepted accounting principles relating to asset valuation
a.ost assets are originally recorded in accounting records at their cost to the business entity.
b.ubtracting total liabilities from total assets indicates what the owners' equity in the business is worth under current market conditions.
c.ccountants assume that assets such as office supplies, land, and buildings will be used in business operations rather than sold at current market prices.
d.ccountants prefer to base the valuation of assets on objective, verifiable evidence rather than upon appraisals or personal opinions.