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Question 12 8 pts Thirty years ago, Citywide Grocery Company purchased a building for its grocery store for $30,000. Based on inflation estimates, the
Question 12 8 pts Thirty years ago, Citywide Grocery Company purchased a building for its grocery store for $30,000. Based on inflation estimates, the amount of the building has been adjusted in the accounting records. The building is now reported at $75,000 in Citywide's financial statements. Which of the following concepts or principles of accounting is being violated? going concern assumption economic entity assumption revenue realization concept cost principle
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