What is the monetary unit assumption?
Benton Travel Agency purchased land for $90,000 cash on
December 10, 2020. At December 31, 2020, the land’s value has
increased to $92,000. What amount should be reported for land on
Benton’s balance sheet at December 31, 2020? Explain.
What is the monetary unit assumption?
What is the economic entity assumption?
. What are the three basic forms of business organizations for profit oriented enterprises?