Question 3 Under generally accepted accounting principles, the cost principle requires: (Choose all of the correct answers.) No consideration of the fair market value of the asset The periodic evaluation of an asset's fair market value to determine if the asset is recorded properly on the books The use of either an asset's fair market value or its original cost, depending on which amount is higher O The use of the lower of an asset's fair market value or its original cost The use of an asset's original cost when recording its purchase on the books