Ask Question
9 April, 11:06

Identify the accounting concept, assumption, or principle that best applies to each of the following situations:

a. Burger King , the restaurant chain, sold a store location to McDonald 's. How can Burger King determine the sale price of the store - by a professional appraisal, Burger King original cost, or the amount actually received from the sale?

+4
Answers (1)
  1. 9 April, 11:57
    0
    Historical cost principle

    Explanation:

    Under historical cost principle, assets and liabilities are reported in the balance sheet of the entity at their purchase price, even of their current price has changed.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Identify the accounting concept, assumption, or principle that best applies to each of the following situations: a. Burger King , the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers