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Home Q & A Board Other Fields Homework Help Business Accounting
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tree7 tree7
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2 years ago
2. Lia owns and operates a fabric shop. Lia needs to borrow money to expand; therefore, she
prepared financial statements to present to her banker. Lia recorded the assets of her store at the
cost she paid for them 3 years ago rather than when she transferred them to her business this year.
Lia has violated which of the following principles or concepts?

a) Reliability principle.
b) Going-concern principle.
c) Stable-monetary-unit concept.
d) Separate Entity Assumption.

Explain why for the answer.
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wrote...
#1
Educator
2 years ago
Check out the following upload, look @ question #2

https://biology-forums.com/index.php?action=downloads;sa=view;down=14659

GL
tree7 Author
wrote...
#2
2 years ago Edited: 2 years ago, tree7
Hey bio_man for question 2, do you mind explaining why the answer is b) please. Thank you
Post Merge: 2 years ago

and question 4 of that sheet as well.
wrote...
#3
Educator
2 years ago
This concept means that a business is separated from its owners, creditors, and customers. The business is treated as a separate economic or accounting entity.
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