The cost principle states that: (a) assets should be recorded at cost and ad- justed when the

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The cost principle states that:

(a) assets should be recorded at cost and ad- justed when the market value changes.

(b) activities of an entity should be kept sepa- rate and distinct from its owner.

(c) assets should be recorded at their cost.

(d) only transaction data capable of being ex- pressed in terms of money should be in- cluded in the accounting records.

AppendixLO1

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471691952

3rd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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