Question: Provides justification for measuring many assets based on their original costs instead of current liquidation values. A unit or scale of measurement can be used

Provides justification for measuring many assets based on their original costs instead of current liquidation values.
A unit or scale of measurement can be used to measure financial statement elements.
The economic life of an enterprise can be divided into artificial time periods for financial reporting.
All economic events with a particular economic entity can be identified.
Economic entity assumption
Going concern assumption
Monetary unit assumption
Periodicity assumption
Provides justification for measuring many assets

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