1. The following are accounting procedures and practices used by several companies. A. As soon as it purchases inventory, Slotkin Company records the purchase price as cost of goods sold to simplify its accounting procedures. B. At the end of each year, Sly Company records and reports its economic resources based on appraisal values. C. Egan Company prepares financial statements only every two years to reduce its costs of preparing the statements. D. Grant Company sells on credit and records revenue at that time, even though it knows that collection is highly uncertain, and very significant efforts have to be made to collect the accounts. E. Because of inflation, Count Company adjusts its financial statements each year to show the current purchasing power for all items. F. Dustin Troy combines his personal transactions and business transactions when he prepares his company's financial statements, so that he can tell how well he is doing on an "overall basis. G. At the end of each year, Vix Company reports its economic resources on a liquidation basis even though it is likely to operate in the future. Required: Identify what accounting assumption or principle each procedure or practice violates, and indicate what should be done to rectify the violation