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Q. Mr. Prem is studying the financial statement of vault, a proprietorship selling dry fruits Explain whether Vault's financial statement violate, or potentially violate, any
Q. Mr. Prem is studying the financial statement of vault, a proprietorship selling dry fruits Explain whether Vault's financial statement violate, or potentially violate, any accounting principles or assumptions. she notes the following in her review A. Rent expense includes rent for the proprietor home. B. The company has moved from credit to cash-on-delivery terms with suppliers. C. The cost of land was ruorded as 1,00,000, its estimated markt value, vathes than its purchase. D. Price of \& 60,000 two yean ago E. A measuring balance costing 10,000 was expensed immediately, through it is expected to be used for fire yeass. F. The value of a new manager was recorded as 5,00,000 based on the advice of of the head-nunter
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