1. Presented below are a number of accounting procedures and practices in Rawdah Corp. For each of these items, list the assumption, principle, qualitative characteristic, or constraint that is violated. Please explain why it is a violation and what should be done correctly?
   1. The president of Rawdah Corp. believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations.

An officer of Rawdah Corp. purchased a new home computer for personal use with company money, charging miscellaneous expense.