Which of the following criteria does NOT have to be met before an event or transaction should be recorded for accounting purposes?
A. The event or transaction must be an external event.
B. The event or transaction can be measured objectively in financial terms.
C. The event or transaction is relevant and reliable.
D. The event or transaction must meet the definition of an element.
Answer:A
Which of the following criteria does NOT have to be met before an event or transaction should be recorded for accounting purposes?
A. The event or transaction must be an external event. B. The event or transaction can be measured objectively in financial terms. C. The event or transaction is relevant and reliable. D. The event or transaction must meet the definition of an element.