Each year the accountant for Northeast Real Estate Company adjusts the recorded value of each asset to its market value. Using these market value figures on the balance sheet violates the * 1 point historical cost principle. accounting equation. business entity concept. monetary concept.
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Explanation:
Fixed assets are long term items such as property plant or equipment. Equipment is listed on the balance sheet at its historical cost amount, which is reduced by accumulated depreciation to arrive at a net carrying value or net book value.
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