If an office building is bought for $700,000,this is what the amount you pay for it is called

A) accounts payable
B) assets
C) corporation
D) cost
E) economic entity assumption
F) liabilities
G) market value
H) monetary unit assumption
I) note payable
J) (paid-in) capital
K) partnership
L) proprietorship
M) retained earnings
N) stockholders' equity

Question

​If an office building is bought for $700,000,this is what the amount you pay for it is calledA) accounts payableB) ​assetsC) ​corporationD) ​costE) ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Dianne Dollesin · Accepted Answer

Final Answer : D, Explanation :  The amount paid for an office building, or any asset, is referred to as its cost. This term reflects the actual amount expended to acquire the asset.

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