1) CLU App. has not prepared financial statements for its bank & lenders for over 3 years. Which assumption or principle is violated? 2)A large public company expensed a $120 printer rather than amortizing it over the lifetime of the printer. Which characteristic allows the company to do this? 3)

International accounting standards are established by the:

Group of answer choices

Securities Exchange Commission.

London Stock Exchange.

International Accounting Standards Board.

Institute of Chartered Accountants.

4)

In the middle of its 2020 fiscal year, San, Inc. paid $12,000 to its insurance company for one-year comprehensive insurance coverage. San recorded the entire expenditure as an expense in 2020. Which assumption or principle is violated?

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