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Identify the accounting concept, assumption, or principle that best applies to each of the following situations: a. Inflation has been abound 2.5% for some
Identify the accounting concept, assumption, or principle that best applies to each of the following situations: a. Inflation has been abound 2.5% for some time. Village Realtors is considering measuring its land values in inflation-adjusted amounts. b. You get an especially good buy on a laptop, paying only $300 when it normally costs $800. What is your accounting value for this laptop? c. 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's original cost, or the amount actually received from the sale? d. General Motors wants to determine which division of the company-Chevrolet or Cadillac-is more profitable. a. Inflation has been about 2.5% for some time. Village Realtors is considering measuring its land values in inflation-adjusted amounts. b. You get an especially good buy on a laptop, paying only $300 when it normally costs $800. What is your accounting value for this laptop? c. 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? d. General Motors wants to determine which division of the company-Chevrolet or Cadillac-is more profitable. ying o Entity assumption locatic Going-concern assumption Historical cost principle Reliability principle Stable-monetary-unit assumption ion of
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