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QUESTION 1 (8 marks)

QUESTION 1 (8 marks)e Required: Enter the best answer to complete the following statements. 1. 2. 3. 4. The principle states that assets should be recorded at the value exchanged at the time the asset is acquired. Expenses paid and recorded in an asset account before they are used or consumed are called The guidance as to when revenue is to be recorded. principle gives accountants When three or more accounts are required in one journal entry, the entry is referred to as a entry.