Chemco manufactures polyvinyl chloride and is in the chemical manufacturing sector for business purposes. It is the end of the fiscal year and the Company made adjusting entries according to GAAP. Give the assumption or principle that would require the following adjusting journal entries to be made at the end of the fiscal year: 2 pts each=12 total a. The Company revalued all of its Assets, Liabilities, and Owners Equity at the end of the fiscal year and made adjusting entries to bring all of the accounts in the accounting system to the new values. b. The Company is international and does business in many different countries. At the end of the fiscal year, it uses the exchange rate of each of the foreign companies it does business with to change the currencies of that country into dollars and makes an adjusting entry to revalue them. c. The Company owns less the 50% of another company and does not have any control over it. It made a journal entry recording revenue that belonged to the company that it did not control. It had to make an adjusting entry to reverse the entry at the end of the fiscal year. d. The Company had two different methods of recording a revenue transaction. It used the one that would increase the revenue the most. At the end of the fiscal year, the auditors required the company to use an accounting method that would decrease the revenue or it would issue an unqualified audit letter. The Company made the adjusting entry required by the auditor. e. The company has been using the 200% double declining balance method to record its depreciation. This method of depreciation expenses capital equipment twice as fast as straight-line depreciation and therefore increase expenses and reduces its profit and tax liability. The Company has not been profitable in the last three years. The Company's Board of Directors want to have a profit in this fiscal year. It wants to switch to straight-line so they could reduce expenses an have a profit. The auditors allowed them to switch to straight-line depreciation even though it violated the consistency principle. Chemco manufactures polyvinyl chloride and is in the chemical manufacturing sector for business purposes. It is the end of the fiscal year and the Company made adjusting entries according to GAAP. Give the assumption or principle that would require the following adjusting journal entries to be made at the end of the fiscal year: 2 pts each=12 total a. The Company revalued all of its Assets, Liabilities, and Owners Equity at the end of the fiscal year and made adjusting entries to bring all of the accounts in the accounting system to the new values. b. The Company is international and does business in many different countries. At the end of the fiscal year, it uses the exchange rate of each of the foreign companies it does business with to change the currencies of that country into dollars and makes an adjusting entry to revalue them. c. The Company owns less the 50% of another company and does not have any control over it. It made a journal entry recording revenue that belonged to the company that it did not control. It had to make an adjusting entry to reverse the entry at the end of the fiscal year. d. The Company had two different methods of recording a revenue transaction. It used the one that would increase the revenue the most. At the end of the fiscal year, the auditors required the company to use an accounting method that would decrease the revenue or it would issue an unqualified audit letter. The Company made the adjusting entry required by the auditor. e. The company has been using the 200% double declining balance method to record its depreciation. This method of depreciation expenses capital equipment twice as fast as straight-line depreciation and therefore increase expenses and reduces its profit and tax liability. The Company has not been profitable in the last three years. The Company's Board of Directors want to have a profit in this fiscal year. It wants to switch to straight-line so they could reduce expenses an have a profit. The auditors allowed them to switch to straight-line depreciation even though it violated the consistency principle