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Part $1$

Lisa Smith decided to start her CPA practice as a professional$$ corporation, Smith$$ CPA, PC$.$ The corporation purchased an office building for$$ $$35,000.$ The real estate agent said the building was worth$$ $$50,000$ in the current market. The corporation recorded the building as a$$ $$50,000$ asset because Lisa believes that is the real value of the building. Which of the following concepts or principles of accounting is being$$ violated?

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Part $1$

A$.$

going concern assumption

B$.$

monetary unit assumption

C$.$

economic entity assumption

D$.$

cost principle