Explain the ethical situation involved for Sharon Gross, identifying the stakeholders and the alternatives. E1.4 (LO 2), C The following situations involve accounting principles and assumptions. 1. Tina Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Tina reports the buildings at fair value in its accounting reports. 2. Fayette Company includes in its accounting records only transaction data that can be expressed in terms of money. 3. Omar Shariff, president of Omar's Oasis, records his personal living costs as expenses of the Oasis.

Explain the ethical situation involved for Sharon Gross, identifying the stakeholders and the alternatives. E1.4 ( LO2 ), C The following situations involve accounting principles and assumptions. 1. Tina Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Tina reports the buildings at fair value in its accounting reports. 2. Fayette Company includes in its accounting records only transaction data that can be expressed in terms of money. 3. Omar Shariff, president of Omar's Oasis, records his personal living costs as expenses of the Oasis