The accounting concept that indicates assets should be reported at the price received to sell an asset is the
A) economic entity assumption.
B) monetary unit assumption.
C) fair value principle.
D) historical cost principle.

Question

Quizplus · Accepted Answer

The fair value principle states that assets and liabilities should be reported at their fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

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