Which of the following accounting principles require that all goods and services purchased be recorded at actual cost?
A) Expense recognition (Matching) principle..
B) Measurement (Cost) principle.
C) Consideration assumption.
D) Going-concern assumption.
E) Business entity assumption.

Question

Quizplus · Accepted Answer

The Measurement (Cost) principle requires that all goods and services purchased be recorded at actual cost. This means that the cost of acquiring the asset, including all related costs such as shipping and handling, should be recorded as the initial cost of the asset in the accounting records.

Which of the Following Accounting Principles Require That All Goods