The accounting principle that requires financial statement information to be based on costs incurred in business transactions,and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange,is the:

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The cost principle requires financial statement information to be based on costs incurred in business transactions and assets and services to be recorded at their initial cash or cash-equivalent value. This principle ensures that financial statements provide a consistent and reliable representation of a company's financial position.

The Accounting Principle That Requires Financial Statement Information to Be