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Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her ...

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7 years ago

Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her ...

Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corporation purchased an office building for $35,000 that her real estate agent said was worth $50,000 in the current market. The corporation recorded the building as a $50,000 asset because Lorna believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated?
A) cost principle
B) going concern assumption
C) monetary unit assumption
D) economic entity assumption

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

I just realized you had posted this! Thanks so much

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Mrgo-breed

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7 years ago

Happy to help Smiling Face with Open Mouth

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