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Thirty years ago, Star Grocer Corporation purchased a building for its grocery store for $30,000. ...

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Thirty years ago, Star Grocer Corporation purchased a building for its grocery store for $30,000. ...

Thirty years ago, Star Grocer Corporation purchased a building for its grocery store for $30,000. Based on inflation estimates, the amount of the building has been adjusted in the accounting records. The building is now reported at $75,000 in Star Grocer's financial statements. Which of the following concepts or principles of accounting is being violated?
A) going concern assumption
B) revenue realization concept
C) cost principle
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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7 years ago

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