1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nataliya [291]
3 years ago
9

You decide to start your own business as a professional corporation. You purchase an office building for $35,000 from your mothe

r even though your real estate agent said it was worth $500,000 in the current market. The corporation recorded the building at $500,000. Which of the following concepts or principles of accounting did the corporation violate?
Going concern assumption
money unit assumption
lower of cost of market principle
cost principle
Business
1 answer:
makkiz [27]3 years ago
4 0

Answer:

Cost principle

Explanation:

Cost principle -

It refers to the amount of  the specific object to be recorded during the time of acquiring , is referred to as cost principle .

Cost principle is also called historical cost principle.

During the acquisition , the amount recorded need to be correct , any alteration in the amount leads to the violation of the cost principle.

Similar situation is showcased in the question,

Hence , from the given options the correct option is cost principle.

You might be interested in
If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then the price elasticit
inn [45]
Hello Sir!! 
-
-
It is equal to the price of textbooks depending on the price. Multiply and divide the one-half percent and don't forget to add pi. I could help you with anything if you want. Just feel free to ask more questions on brain.ly or direct message me here. My username is Mcsugarface if you did not know. :) Sending love from Chihuahua, Mexico!! <333333
3 0
3 years ago
Speical Order Soni, LTD produces wall mounts for flat panel television sets. The forecasted income statement for 2017 is as foll
tino4ka555 [31]

Answer:

Explanation:  

8 0
3 years ago
Directional Lock Question #5: This investment is bought with the goal of
lara31 [8.8K]

Answer: L

Explanation:

7 0
3 years ago
The attitude adopted by Calvin Coolidge that government should play a small role in business affairs is known as what?
nydimaria [60]

Answer:

3) laissez-faire

Explanation:

Laissez-faire is a French expression that means to let us do, or applied to economics, let the economy self regulate itself. It was not a doctrine developed by Adam Smith, but rather by French economists who supported the idea of no government intervention in the economy.

President Coolidge believed that the government should not interfere with businesses and that businesses themselves were able to create prosperity for the nation.

3 0
3 years ago
2. "Because corporations do not actually raise any funds in secondary markets, secondary markets are less important to the econo
gladu [14]

Explanation:

I disagree with this argument, it can be said that the secondary market is equally or more important than the primary market, due to the fact that it is the secondary markets that determine what will be the prices that the companies that issue bonds will sell in the primary market.

Secondary markets can also be considered to be responsible for making securities easier to sell in the primary market due to their greater liquidity.

4 0
3 years ago
Other questions:
  • Martinez, Inc. acquired a patent on January 1, 2017 for $41,800 cash. The patent was estimated to have a useful life of 10 years
    8·1 answer
  • The video mentions the loss of U.S. manufacturing jobs to overseas locations. What is this called? What is the opposite trend th
    14·1 answer
  • What would it signify if the population of a country remained the same while the real GDP increased? A) the economy is in declin
    5·2 answers
  • Your firm needs a machine which costs $240,000, and requires $39,000 in maintenance for each year of its 7 year life. After 3 ye
    11·1 answer
  • Q 7.28: A multi-location flower shop receives payment from customers in person, over the Internet, and through the mail. When ch
    12·1 answer
  • The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600,
    15·1 answer
  • Which of the following statements would come from someone classified as unemployed? Question 25 options: I can't stand my curren
    13·1 answer
  • Majestic Theaters has plans to build a new $30 million movie theater and intends to finance this project through the sale of add
    14·1 answer
  • General Contracting was hired by the city of Rockyville to put in a new road through a mountain pass for $2 million. General Con
    7·1 answer
  • Personal, informal exchanges of communication that customers share with one another about products, brands, and companies are be
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!