Select the basic assumptions and principles underlying financial statements.
-Assets should be recorded at their cost.
A) Cost principle
B) Accounting entity concept
C) Full disclosure principle
D) Going concern principle
E) Monetary principle
F) Accounting period concept

Question

Quizplus · Accepted Answer

The cost principle states that assets should be recorded at their original cost, not at their current market value.

Select the Basic Assumptions and Principles Underlying Financial Statements