Swaran Frei is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State College. The business has cash of $$8,000$ and furniture that cost $$9,000$ and has a fair value of $$13,000.$ The business debts include accounts payable of $$6,000.$ Frei has a personal home valued at $$400,000$ and a personal bank account with a balance of $$1,200.$ Identify the principle or assumption that best matches the situation:

View the situations.

a$.$ Frei's personal assets are not recorded on the Apartment Exchange's balance sheet:

b$.$ Apartment Exchange records furniture at its cost of $$9,000,$ not its fair value of $$13,000$ : $$

c$.$ Apartment Exchange reports its financial statements in U$.$S$.$ dollars:

d$.$ Frei expects Apartment Exchange to remain in operation for the foreseeable future: