For following situation, state whether you agree or disagree with the financial reporting practice employed, and what principle/assumption was followed or violated. Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. The company whose securities are publicly traded. prepares monthly, quarterly, and annual financial statements for internal use but disseminates to external users only the annual financial statements.

Disagree. The company is violating the Goring Concern Assumption

Disagree. The company is violating the Full Disclosure Principle

Agree The company is conforming to the Going Concern Assumption

Disagree. The company is violating the Periodicity Assumption.