Which accounting assumption or principle is being violated if a company reports its corporate headquarter building at its fair value on the balance sheet?
A) Going concern.
B) Monetary unit.
C) Historical cost.
D) Full disclosure.

Question

Quizplus · Accepted Answer

Reporting the corporate headquarters building at its fair value violates the historical cost principle, which requires assets to be reported on the balance sheet at their original cost.

Which Accounting Assumption or Principle Is Being Violated If a Company