Question
The Modern Enterprises reported all assets in the balance sheet at current market value. This action is a violation of:
Answer: Option C
:
C
According to Cost Principle or Historical Cost Concept, all assets are recorded in the books of accounts at their purchase price, which includes cost of acquisition, transportation and installation and not at its market price.
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:
C
According to Cost Principle or Historical Cost Concept, all assets are recorded in the books of accounts at their purchase price, which includes cost of acquisition, transportation and installation and not at its market price.
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