The accounting concept that indicates assets should be reported at the price received to sell the asset at the reporting date is the

Question

Quizplus · Accepted Answer

The fair value principle requires that assets be reported on the balance sheet at their fair market value, which is defined as the price received to sell the asset at the reporting date. This provides users of financial statements with more relevant information about the current value of the assets.

The Accounting Concept That Indicates Assets Should Be Reported at the Price