Question: Under generally accepted accounting principles, the cost principle does not require: ( Choose all of the correct answers. ) The use of either an asset's
Under generally accepted accounting principles, the cost principle does not require:Choose all of the correct answers. The use of either an asset's fair market value or its original cost, depending on which amount is higher Any consideration of the fair market value of the assetJ. The periodic evaluation of an asset's fair market value to determine if the asset is recorded properly on the books The use of the lower of an asset's fair market value or its original cost The use of an asset's original cost when recording its purchase on the books
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