Ask Question
BusinessBusiness
25 June, 02:25

Robert Rossini owner of Robert records also owns a personal reidence that cost 475000 but has a market value of 625000 during preparation of financial statements for Robert records the accounting principal most relevant to the presentation of Roberts home is

+1
Answers (1)
  1. 25 June, 02:50
    0
    Robert Rossini owner of Robert records also owns a personal residence that cost 475000 but has a market value of 625000 during preparation of financial statements for Robert records. the accounting principal most relevant to the presentation of Roberts home is the Historical cost principle

    Explanation:

    According to the the historical cost principle. The cash value of an asset (The value of the asset at the time the asset is acquired) is recorded in the financial statement and no changes in the cash value can be in case of an increase in inflation or an increase in the market value of the Asset.

    In the above question the cash value of the Robert Rossin Residence is 475000 BUT the market value of the asset is 625000.

    Thus it is appropriate to say that this statement is an example of the Historical cost principle of Accounting
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Robert Rossini owner of Robert records also owns a personal reidence that cost 475000 but has a market value of 625000 during preparation ...” 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
You Might be Interested in
Guerra Electronics manufactures a variety of electronic gadgets for use in the home. Which of the following would probably be the most accurate measure of activity to use for allocating the costs of inspecting the finished products at Guerra? a.
Answers (1)
MJM Products, Inc., designs and sells flannel jackets. The company is willing to sell a men’s flannel jacket for as little as $45. Its main competitor is RL Outriggers, which is willing to sell the same men’s flannel jacket for as little as $40.
Answers (1)
Which of the following business ownership structures is the simplest and easiest to set up? A. A partnership B. An LLC C. A sole proprietorship D. A C corporation
Answers (1)
Chris promises Doreen $40,000 if she graduates fro Eagle College. Doreen enrolls in Eagle, attends full-time for four years, and graduates. When Doreen asks Chris for $40,000, Chris says, "I don't remember promising you $40,000.
Answers (1)
When you do a vehicle check, what do you NOT need to keep an eye on?
Answers (1)
New Questions in Business
Suppose the risk-free return is 4%. The beta of a managed portfolio is 1.2, the alpha is 1%, and the average return is 14%.
Answers (1)
If fixed costs are $1,291,000, the unit selling price is $238, and the unit variable costs are $105, what is the amount of sales in units (rounded to a whole number) required to realize an operating income of $217,000? a. 5,424 unitsb. 11,338 unitsc.
Answers (1)
Department W had 2,400 units, one-third completed at the beginning of the period; 16,000 units were transferred to Department X from Department W during the period; and 1,800 units were one-half completed at the end of the period.
Answers (1)
Nieland Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $288,000 and a remaining useful life of 8 years.
Answers (1)
Which of the following is a disadvantage of a partnership? a. potential conflicts among partners c. access to fewer resources than a sole proprietorship b. limited liability d. specialization
Answers (1)
Home » Business » Robert Rossini owner of Robert records also owns a personal reidence that cost 475000 but has a market value of 625000 during preparation of financial statements for Robert records the accounting principal most relevant to the presentation of
Sign Up Forgot Password?