Final answer:
Ellexson identifies the basic principles of accounting as revenue recognition, the matching principle, and the historical cost principle; thus, the answer is D. ALL OF THE ABOVE.
Step-by-step explanation:
The basic principles of accounting as identified by Ellexson include revenue recognition, the matching principle, and the historical cost principle. Therefore, the correct answer is D. ALL OF THE ABOVE.
These principles are foundational to the practice of accounting and ensure consistency, comparability, and reliability in financial reporting. The revenue recognition principle dictates that revenue should be recognized and recorded when it is earned and realizable, not necessarily when cash is received. The matching principle requires that expenses be matched with the revenues they help to generate in the same accounting period. Lastly, the historical cost principle implies that assets should be recorded and valued at their original purchase cost.