Which principle determines the amount initially entered into the records for purchases?

Name: Which principle determines the amount initially entered into the records for purchases?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The cost principle states that all assets are recorded at their original cost when purchased. This principle determines the amount initially entered into the records for purchases, thereby ensuring that financial statements accurately reflect the cost of acquiring assets.

Which Principle Determines the Amount Initially Entered into the Records