5 of 5 < View Policies Current Attempt in Progress The following situations involve accounting principles and assumptions. -/15 E For each of the three situations, determine if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method 1. 2. 3. Julia A/S owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting reports. Dekalb Creations includes in its accounting records only transaction data that can be expressed in terms of money. Omar Shariff, owner of Omar's Oasis, records his personal living costs as expenses of the. business. Incorrect Correct eTextbook and Media Save for Later Principle/Assumption Attempts: 0 of 3 used Submit Answer om/was/ui/v2/assessment-player/index.html?launchld-a1dc97fe0a-4f1d-b567-b65afc5b4be7#/question/4 Question 5 of 5 < View Policies Current Attempt in Progress The following situations involve accounting principles and assumptions. -/15E For each of the three situations, determine if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method 1. Julia A/S owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information. Julia reports the buildings at fair value in its accounting reports. 2. 3. Dekalb Creations includes in its accounting records only transaction data that can be expressed in terms of money. Omar Shariff, owner of Omar's Oasis, records his personal living costs as expenses of the business, eTextbook and Media Save for Later Principle/Assumption Economic entity assumption Fair value principle Monetary unit assumption Historical cost principle Attempts: 0 of 3 used Submit