The owner of Westhampton Fish Eatery purchased a new car for his daughter who is away at college...
Question:
The owner of Westhampton Fish Eatery purchased a new car for his daughter who is away at college at a cost of $43,000 and reported this amount as Delivery Vehicle in the restaurant's balance sheet. The reporting of this item in this manner violated the {eq}\rule{0.5in}{0.3pt} {/eq}.
Business Assets:
Business assets are the valuables owned by a business which will provide future economic benefit to the company. Assets may be classified as current or long-term in nature depending on the period for which they will be of use. Assets providing benefit for one year or less are current while assets with longer lives are non-current.
Answer and Explanation: 1
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View this answerThe owner has violated the business entity concept. The business entity concept states that a business' transactions should be kept separate and...
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What Are Assets? - Definition & Examples
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Chapter 2 / Lesson 17
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What are assets? Learn the meaning of an asset, the difference between personal and business assets, and who can own assets. See a list of asset examples.
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