Timel Quero Not yet Which principle requires a business's financial statement to report its assets at the amount the business paid to buy the asset even if the current market price of the asset is significantly at a higher amount? Mard Entity Principle Cost Principle Monetary Unit Principle Going. Concem Principle Which principle requires a business's accounting records to report its land at the amount the business paid to buy the land, even if the Current market price of the land is significantly at a higher amount? 8. N Mur Select Going Concern Principle Monetary Unit Principle Cost Principle Entity Principle Dashboard My courses BMNG 206 Sec. No. 01 SL Retained Earnings is classified as liability. Select one: True O False Previous page The cost Principle allows a company to ignore the change in the purchasing power of the currency over time. Select one: True False