A company purchased a building twenty years ago for $150,000. The building currently has an appraised market
Question:
A company purchased a building twenty years ago for $150,000. The building currently has an appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What concept or principle has been violated?
A. Separate entity concept
B. Recognition principle
C. Monetary measurement concept
D. Cost principle
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The concept or principle that has been violated is the cost principle wh...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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