While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as [A] Business Entity Concept [B] Conservatism [C] Expenditure Concept [D] Money Measurment Concept

While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as [A] Business Entity Concept [B] Conservatism [C] Expenditure Concept [D] Money Measurment Concept

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as

[A] Business Entity Concept
[B] Conservatism
[C] Expenditure Concept
[D] Money Measurment Concept

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