Which of the following accounting principles require that all goods and services purchased be recorded at actual cost?
A)Going-concern assumption.
B)Matching principle.
C)Cost principle.
D)Business entity assumption.
E)Consideration assumption.

Question

Quizplus · Accepted Answer

The cost principle requires that all goods and services purchased be recorded at actual cost. This principle states that assets should be recorded at their historical cost, which is the amount paid for them at the time of acquisition. This provides a reliable and objective measure of the value of assets, which is necessary for accurate financial reporting.

Which of the Following Accounting Principles Require That All Goods