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What accounting assumption or principle governs the amount

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Reference no: EM132956507

Problem 1: You have purchased some T-shirts for $1,000 and can sell them immediately for $1,500. What accounting assumption or principle governs the amount at which to record the goods you purchased?

Select one:

a. Cost principle
b. Economic entity assumption
c. Reliability characteristics
d. Going-concern assumption

Reference no: EM132956507

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