The principle that indicates that assets should be reported at the price received to sell an asset is the
A) historical cost principle.
B) fair value principle.
C) full disclosure principle.
D) consistency 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 Principle That Indicates That Assets Should Be Reported at the Price