Complete this question by entering your answers in the tabs below.

Required $1$Required $2$Required $3$

If $$51,000$ cash is paid to buy land, the land is reported on the buyer's balance sheet at $$51,000.$

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

Business entity assumption

Expense recognition $($matching$)$ principle

General accounting principle

Going$-$concern assumption

Measurement $($cost$)$ principle

Revenue recognition principle

Required $1$