Simon Lists His Building at Current Replacement Value, Rather Than

question 19

Multiple Choice

Simon lists his building at current replacement value, rather than the price he paid for the building. What principle is Simon violating?

• A)Going concern
• B)Cost
• C)Reliability
• D)Business entity

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Definitions:

Torts

Legal claims based on an act that causes harm or loss to another person, leading to civil legal liability.

Appellate Cases

Legal cases that are appealed to a higher court for a review of a lower court's decision.

Criminal Law

The body of law that relates to crime. It proscribes conduct perceived as threatening, harmful, or otherwise endangering to the property, health, safety, and moral welfare of people inclusive of one's self.

Civil Law

Civil law is a legal system originating in Europe, characterized by comprehensive statutes and codes that lay out legal rules, eschewing much of the common law's tradition of judge-made precedent.