Beverly Dalton Started Her Business as a Sole Proprietorship

question 56

Multiple Choice

Beverly Dalton started her business as a sole proprietorship.At that time,the business purchased land for $51,000.The December 31,2019 market value of the land is $92,000.On the December 31,2019 balance sheet,this asset should be reported at ________ under U.S.GAAP and at ________ under international reporting standards.

• A) $51,000; $51,000
• B) $92,000; $92,000
• C) $51,000; $92,000
• D) $92,000; $51,000

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Definitions:

Primary Caregiver

This term denotes the main person responsible for providing care and meeting the needs of a child or dependent individual.

Maternal Instinct

A natural tendency attributed to mothers to care for and protect their children.

Nigeria (Hausa)

Relates to the Hausa people, one of the largest ethnic groups in Nigeria, known for their rich culture, language, and Islamic beliefs.

Raised

The process of bringing up a child, encompassing all aspects of nurturing, educating, and supporting their development.