A business purchases a building for $250,000. The current market value is $375,000. The assessment value is $325,000. What value should the building be recorded at, and which accounting principle supports your answer?
What will be an ideal response
The building should be recorded at the actual cost of $250,000. This is supported by the cost principle.
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Trendz Inc is a leading brand of fashion clothing and accessories based in Houston. After gaining a strong foothold in the U.S., the company wants to foray into foreign markets
The management at Trends knows that people residing in other countries are likely to have different tastes and preferences, so they may have to redesign some of their offerings. Which of the following strategies is Trendz using? A) market-penetration strategy B) outsourcing strategy C) geographic-expansion strategy D) product differentiation strategy E) ethnocentric strategy
If you are self-employed, you have to pay both the employer and employee portions of FICA, for a total rate of 20 percent
Indicate whether this statement is true or false.