Mars Corporation purchased land in 2013 for $290,000. In 2021, it purchased another identical parcel of land for $460,000. In 2021, the business learnt that both parcels of land were valued at $920,000. In its 2021 Statement of financial position, the business valued these two parcels of land at $920,000. By reporting the land in this manner, Mars Corp. has violated the ______
Led Teo is the proprietor (owner) of Led's Trading, a retailer of golf apparel. When recording the financial transactions of Led's Trading, Led does not record an entry for a car he purchased for personal use.
Led took out a personal loan to pay for the car.
What accounting theory has guided Led's behavior in this situation?
The usual sequence of steps in the accounting information system is: