The Superior Company acquired a building for $500,000. The building was appraised at a value of $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would require Superior to record the building on its records at $500,000?
A. Monetary unit assumption.
B. Revenue recognition principle.
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Going-concern assumption.
Answer: C
You might also like to view...
Jane used the word BRIEF as follows to organize the body of the presentation, as follows: Brainstorm ideas, Research ideas, Interpret ideas, Energize ideas, Finalize ideas. What type of organization pattern did Jane use?
a. Chronological b. Cause and effect c. Spatial d. Topical
Two barriers to discovering vocation are ______.
A. forgetfulness and avoidance B. anger and pride C. ambition and avoidance D. time pressures and lack of guidance
Supply chain management activities ______.
a. refer to the coordination of activities across multiple firms b. refer to the application of government standards c. refer to the application of industry standards d. refer to the application of international standards
What is QFD? What are its six major components?
What will be an ideal response?