Tutorial 1, Week 2 (Homework)[1]

Which accounting concept or principle provides

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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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