chen organics purchased a tractor for $20 thousand cash. the owner believes the tracror is really worth $30 thousand. The tractor is still recorded at $20 thousand on the balance sheet.

Identify which accounting principle or assumption best describes the above practice.

equired Business entity assumption Expense recognition (matching) principle General accounting principle Going-concern assumption equired Expense recognition (matching) principle General accounting principle the Going-concern assumption Measurement (cost) principle Revenue recognition principle