Question
A company purchased land in 2009 for $400,000 and reports the land at the same amount on its 2018 balance sheet. This is an example
A company purchased land in 2009 for $400,000 and reports the land at the same amount on its 2018 balance sheet. This is an example of which accounting principle?
| Historical cost principle | ||
| Matching principle | ||
| Monetary unit assumption | ||
| Economic entity assumption |
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Financial Accounting
Authors: Walter B. Meigs, Robert F. Meigs, Mark Bettner, Ray Whittington
9th Edition
0070434360, 978-0070434363
