Identify the assumption that is most clearly violated by the accounting practice and explain why, explanation must be 2 to 3 sentences only.
5. Reyez Electronics owned by James Reyez reported the cost of the Reyez’s swimming pool as an asset of the entity.
5. Reyez Electronics owned by James Reyez reported the cost of the Reyez’s swimming pool as an asset of the entity.
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2. Rhea Manufacturing Company reported inventory, property, plant and equipment and intangible assets at current value at year end.
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