Which of the following criteria must be met before an event or item should be recorded for accounting purposes?
A. The event or item can be measured objectively in financial terms.
B. The event or item is relevant and reliable.
C. The event or item is an element.
D. All of these must be met.
Answer:C
Which of the following criteria must be met before an event or item should be recorded for accounting purposes?
A. The event or item can be measured objectively in financial terms. B. The event or item is relevant and reliable. C. The event or item is an element. D. All of these must be met.