According to the cost principle,it is necessary for managers to report an approximation of an asset's market value upon purchase.

Question

Quizplus · Accepted Answer

According to the cost principle, assets should be recorded on the balance sheet at their original cost, not their current market value. Reporting an approximation of an asset's market value upon purchase is not required by the cost principle.

According to the Cost Principle,it Is Necessary for Managers to Report