Under generally accepted accounting principles, the assets owned by a business are reported in the balance sheet
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Question:
Under generally accepted accounting principles, the assets owned by a business are reported in the balance sheet at their historical cost. Identify and briefly explain two accounting principles other than the cost principle that supports the valuation of assets at cost in the balance sheet.
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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