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

Question

Quizplus · Accepted Answer

The cost principle, also known as the historical cost principle, states that all goods and services should be recorded at their original cost when acquired by the company. This principle requires that assets be recorded at their cost, and not at their fair market value.

Which of the Following Accounting Principles Would Require That All