Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

People go to websites to get the information they desperately need. They could be looking for an answer to a nagging question. They might be looking for help in completing an important task. For recent graduates, they might be looking for ways on how to prepare a comprehensive resume that can capture the attention of the hiring manager

Manush is a recent graduate from a prestigious university in California who is looking for a job opportunity as a real estate agent. While he already has samples provided by his friends, he still feels something lacking in his resume. Specifically, the he believes that his professional objective statement lacks focus and clarity.

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Manush’s story shows the importance of using powerful keywords to his resume in landing the job he wanted.

For the following situation, indicate whether you agree or disagree with the financial reporting practice employed and state the accounting concept that is applied (if you agree) or violated (if you disagree). Rudeen Corporation purchased equipment for $180,000 at a liquidation sale of a competitor. Because the equipment was worth $230,000, Rudeen valued the equipment in its subsequent balance sheet at $230,000.

Question

For the following situation, indicate whether you agree or disagree with the financial reporting practice employed and state the accounting concept that is applied (if you agree) or violated (if you disagree).
Rudeen Corporation purchased equipment for $180,000 at a liquidation sale of a competitor. Because the equipment was worth $230,000, Rudeen valued the equipment in its subsequent balance sheet at $230,000.

A Disagree, Historical cost (original transaction value) principle

B Agree, Full disclosure principle

C Disagree, Monetary unit assumption

D Disagree, Periodicity assumption

This question is taken from Accounting 3200A – Intermediate Financial Accounting & Reporting I » Spring 2022 » Chapter 1 Homework

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