Abe Cox is the sole owner and manager of Cox Auto Repair Shop. In 20X1, Cox purchased a new automobile for personal use and continued to use an old truck in the business. Which of the following fundamentals prevents Cox from recording the cost of the new automobile as an asset to the business?
A) Separate-entity assumption
B) Revenue principle
C) Full disclosure
D) Historical cost principle
Correct Answer:
Verified
Q1: The asset that results from the payment
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Q8: Which of the following defines shareholders' equity?
A)
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