A business purchases a building for $250,000. The current market value is $375,000. The assessment value is $325,000. What value should the building be recorded at, and which accounting principle supports your answer?
What will be an ideal response
The building should be recorded at the actual cost of $250,000. This is supported by the cost principle.
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A nonrefundable retainer is not permitted under the Model Rules of Professional Responsibility
Indicate whether the statement is true or false
Which organizational structure violates the unity of command principle?
a. functional b. matrix c. territorial d. multiple e. product
Which of the following is true of U.S. government market buying?
A. It is illegal for a salesperson to try to influence the writing of product specifications. B. Most buyers buy by inspection, since they are expected to spend money wisely. C. A buyer may order from a supplier on the "approved list" at a previously set price without asking for new bids. D. Most buyers write specs so that only one brand or supplier qualifies. E. None of these answers is correct.
Employment Personnel Company draws a check payable to Felix. Felix indorses the back and negotiates the check to Guaranty Bank. Primarily liable on the check is
a. Employment Personnel. b. Felix. c. Guaranty Bank. d. none of the choices.