Which of the following accounting principles would require that all goods and servicespurchased be recorded at cost?
A)Revenue recognition principle.
B)Going concern principle.
C)Cost principle.
D)Business entity principle.
E)Monetary unit principle.

Question

Quizplus · Accepted Answer

The cost principle requires that all goods and services purchased be recorded at their historical cost, which is the amount paid or the expected cash equivalent. This principle ensures that financial statements reflect the actual cost of assets and expenses, rather than their estimated or perceived value.

Which of the Following Accounting Principles Would Require That All