Which qualitative characteristic or assumption is best represented by the following statement? All purchases are recorded at the cost incurred. 1) time period O2) separate entity 3) unit-of-measure 4) understandable O 5) historic cost 6) faithful 7) relevant Main Co

Which qualitative characteristic or assumption is best represented by the following statement? All purchases are recorded at the cost incurred. 1) time period 2) separate entity 3) unit-of-measure 4). understandable 5) historic cost 6) faithiful 7) relevant. 4) understandable 5) historic cost 6) faithful 7) relevant 8) full disclosure 9) comparable 10) going concern 11) verifiable