Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand; therefore, he
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Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand; therefore, he prepared financial statements to present to his banker. Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts?
A. Reliability principle
B. Cost principle
C. Going-concern principle
D. Stable-monetary-unit concept
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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