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Tate Corporation Purchased a Building for Its Grocery Store for $30,000

Question 102

Multiple Choice

Tate Corporation purchased a building for its grocery store for $30,000 in 1970.Based on inflation estimates,the amount of this asset has been adjusted in the accounting records.The building is now reported at $75,000.Which of the following concepts or principles of accounting is being violated?


A) Going-concern concept
B) Stable monetary unit concept
C) Entity concept
D) None of the above

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