Ask Question
4 December, 01:21

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

+1
Answers (1)
  1. 4 December, 01:44
    0
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Which accounting assumption or principle is being violated if a company reports its corporate headquarter building at its fair value on the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers