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3 July, 05:21

Which accounting assumption or principle is being violated if a company reports its corporate headquarter building at its fair value on the balance sheet? Monetary unit Full disclosure Historical cost Going concern

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  1. 3 July, 08:27
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    The answer is Historical cost.

    Explanation:

    Under the historical cost concept, an asset must be represented in the financial statements at the price it was acquired. However, if a substantial change has happened to the price over time, there is a method called revaluation an that proper technique must be applied to calculate the new value.
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