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What accounting asumption or principle governs the amount

Assignment Help Accounting Basics
Reference no: EM132811271

Problem 1: You have purchased t-shirts for $1000 and can sell them immediately for $1500. What accounting asumption or principle governs the amount at which to record the goods you purchased?

a. Cost principle
b. economic entity assumption
c. going-concern assumption
d. reliability characteristic

Reference no: EM132811271

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