Unformatted text preview: liabilities? Which accounting
concept or principle provides guidance?
Record assets and liabilities at actual historical cost (cost principle). S1-4 Applying accounting concepts and principles (Obj. 2)
Claire Hunter owns and operates Claire Hunter Floral Designs. She proposes to
account for flowers at current market value in order to have realistic amounts on the
books if the business liquidates. Which accounting concept or principle is Hunter
violating? How should Hunter account for the assets of th...
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