Question
Identify the accounting assumption or principle that is most violated in each of these cases 1 through 4 1) A personal loan for the president
Identify the accounting assumption or principle that is most violated in each of these cases 1 through 4
1) A personal loan for the president of Ocean Corp.. was included in the liabilities on the balance sheet of Spice Corp.
2) Equipment recorded in the accounting records of Shop Inc. appreciated $100,000 from 2019 to 2020. Sop Inc. recorded this unrealized gain in the income statement as it increased the asset value.
3) Pumpkin Inc., a private corporation, provides financial statements to its shareholders every two years.
4) Colada Inc. depreciated fixed assets (over 5 years) and its current financial statements even though liquidation of the company was imminent.
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