Andre Dickinson, owner of Andre's Fine Wines, also owns a personal residence that costs $475,000. The...
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Andre Dickinson, owner of Andre's Fine Wines, also owns a personal residence that costs $475,000. The market value of his residence is $625,000. During preparation of the financial statements for Andre's Fine Wines, the accounting concept most relevant to the presentation of Andre's home is a) the fair value principle. O b) convergence. Oc) the monetary unit assumption. d) the economic entity assumption. Andre Dickinson, owner of Andre's Fine Wines, also owns a personal residence that costs $475,000. The market value of his residence is $625,000. During preparation of the financial statements for Andre's Fine Wines, the accounting concept most relevant to the presentation of Andre's home is a) the fair value principle. O b) convergence. Oc) the monetary unit assumption. d) the economic entity assumption.
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The answer is Economic Entity Assumption Economic Entity assumpt... View the full answer
Related Book For
South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities
ISBN: 9781285438290
18th edition
Authors: James Smith, William Raabe, David Maloney, James Young
Posted Date:
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