Question 3 Under generally accepted accounting principles, the cost principle requires (Choose all of the correct answers.) 1 pts No consideration of the fair market value of the asset O The periodic evaluation of an asset's fair market value to determine if the asset is recorded properly on the books O The use of either an asset's fair market value or its original cost, depending on which amount is higher O The use of the lower of an asset's fair market value or its original cost O The use of an asset's original cost when recording its purchase on the books Previous Next