An asset must be recorded at its value on the date it was acquired. Th…

Question

An asset must be recorded at its value on the date it was acquired. That is the:

Accepted Answer

D. Cost principle

1. Later market swings are ignored.
2. It is also called the historical rule.
3. It is the cost principle.
_Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

Answer

Credit principle

Answer

Closing principle

Answer

Market principle

An asset must be recorded at its value on the date it was acquired. That is the:

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