Bob Bertolucci, Owner of Bob's Bazaar, Also Owns a Personal

question 1

Multiple Choice

Bob Bertolucci, owner of Bob's Bazaar, also owns a personal residence that cost $575,000, but has a market value of $725,000. During preparation of the financial statements for Bob's Bazaar, the accounting principle most relevant to the presentation of Bob's home is:

• A) The concept of the business entity.
• B) The cost principle.
• C) The going-concern assumption.
• D) The objectivity principle.

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