A number of accounting reporting situations arc described below.

1. Church Company recognizes revenue at the end of the production cycle, but before sale. The price of the product, as well as the amount that can be sold, is not certain.

2. In preparing its financial statements. Leask Companv omitted information concerning its method of accounting for inventories.

3. Zareena Corp. charges the entire premium on a 2-year insurance policy to the first year.

4. Whitnej Hospital Supph Corporation reports onl) current assets and current liabilities on its balance sheet. Property, plant, and equipment and bonds payable are reported as current assets and current liabilities, respectively. Liquidation of the company is unlikely.

5. Dean Inc. is carrying inventory at its current market value of $100,000. Inventor] had an original cost ol SI 10,000.

r>. Hot Shot Companv is in its tilth year of operation and has yet to issue financial statements.

(Do not use lull disclosure principle.)

7. Silas Rupe Co. has inventory on hand that cost $400,000. Rupe Co. reports inventory on its balance sheet at its current market value of $425,000.
8. Charlotte Webb, president of the Always Music Company, bought a computer for her personal use. She paid for the computer by using company funds and debited the "Computers"
account.
Instructions For each of the above, list the assumption, principle, or constraint that has been violated, if any. List only one term for each case.