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When a company is the recipient of a donated asset, the account credited may be a A) revenue account. B) deferred revenue account. C) paid-in capital account. D) all of these answers are correct.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 11MC: Also known as the historical cost principle, ________ states that everything the company owns or...

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When a company is the recipient of a donated asset, the account credited may be a

A) revenue account. B) deferred revenue account. C) paid-in capital account. D) all of these answers are correct.

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Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
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