Question: Lora Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC . Her corporation purchased an office building for $

Lora 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 Loma believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated? economic entity assumption going concern assumption monetary unit assumptioncost principle

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