Which of the following accounting principles would prescribe that all goods and services purchased is recorded at cost?
A)Going-concern principle
B)Continuing-concern principle
C)Cost principle
D)Business entity principle
E)Consideration principle

Question

Quizplus · Accepted Answer

The cost principle states that all goods and services purchased should be recorded at their historical cost. This means that any assets purchased should be recorded at the cost paid, rather than their current market value. This principle is important for maintaining accuracy and consistency in accounting records.

Which of the Following Accounting Principles Would Prescribe That All