Which of the following criteria must be met before an event or item should be recorded for accounting purposes?
A) The event or item can be measured objectively in financial terms.
B) The event or item is relevant and reliable.
C) The event or item is an element.
D) All of these must be met.

Question

Quizplus · Accepted Answer

All of the given criteria must be met before an event or item can be recorded for accounting purposes. The event or item should be able to be measured objectively in financial terms, it should be relevant and reliable, and it should be an element of financial statements.

Which of the Following Criteria Must Be Met Before an Event