Which of the following is a fundamental accounting principle?
A) price principle
B) objectivity principle
C) subjectivity principle
D) conformity principle

Question

Quizplus · Accepted Answer

The objectivity principle is a fundamental accounting principle that requires financial information to be based on objective evidence, such as receipts, invoices, and bank statements. This principle ensures that financial statements are reliable and free from bias or subjectivity. The price principle (also known as the cost principle) is another fundamental accounting principle that requires assets to be recorded at their historical cost, rather than their market value. The subjectivity principle and conformity principle are not fundamental accounting principles.

Which of the Following Is a Fundamental Accounting Principle