Match the letter of each principle or assumption or qualitative characteristic with the appropriate statement.
-The primary value that is used for financial statements.
A)Business entity
B)Going concern
C)Time period
D)Monetary unit
E)Historical cost
F)Conservatism
G)Realization
H)Consistency
I)Full disclosure
J)Verifiability
K)Materiality
L)Industry practices

Question

Quizplus · Accepted Answer

The primary value used for financial statements is the historical cost, which means that assets and liabilities are recorded at their original purchase price.

Match the Letter of Each Principle or Assumption or Qualitative