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For the following situation, state whether you agree or disagree with the financial reporting practice employed, and what principle / assumption was followed or violated.
For the following situation, state whether you agree or disagree with the financial reporting practice employed, and what
principleassumption was followed or violated.
Merry Maidens Cleaning specializes in residential and commercial cleaning. Merry Maidens Cleaning paid for the personal travel of its chief
financial officer and charged travel expense.
Multiple Choice
Agree. The company has is conforming to the Economic Entity Assumption.
Agree. The company has is conforming to the Periodicity Assumption.
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