QUESTION 1 Kasabrunu Enterprise is a business operating in the second-hand clothing in Kwadaso. Mr. Bruni the owner of Kasabrunu Enterprise (KE) employed Mr. Ojidomi a BSc. Accounting graduate as the Accountant. Business is booming and KE is expected to be in operation for a long time. Mr. Odjidomi has been with the business for 5 years and has assured Mr. Bruni that profits declared will not be deceptive since the same method will be continuously used for the accounting treatment of similar items until Mr. Bruni decides to change from dealing in second hand clothing to the purchase and sale of spare parts which they discussed. As part of the policy adopted by the business, the Accountant records only transactions that can be valued in monetary terms in the books of account and produces financial information at regular period for the perusal of Mr. Bruni. On reaching home, Sefakor Ojidomi, the daughter of Mr. Ojidomi who is pursuing an accounting programme in Owusuwusu College of Accountancy asked his father to guide her with an assignment Sikadanka, the Chairman and CEO of Defenders Ltd recently confronted the Chief Accountant of the company over the way and manner the financial statements were presented for the 2019 financial year. The following points are summaries of the CEO's reservations about the financial statements: a. b. He argued that the values of the company's assets be shown at current market values since these values will provide a better view of the company's value. The Chief Accountant is still insisting that the assets should be stated at original cost. He expressed shock when the financial statements did not show a value for the company's efficient staff. He argued that the company's beautiful and handsome sales personnel are valuable assets used to attract customers and therefore insisted that this QUESTION 1 Kasabrunu Enterprise is a business operating in the second-hand clothing in Kwadaso. Mr. Bruni the owner of Kasabrunu Enterprise (KE) employed Mr. Ojidomi a BSc. Accounting graduate as the Accountant. Business is booming and KE is expected to be in operation for a long time. Mr. Odjidomi has been with the business for 5 years and has assured Mr. Bruni that profits declared will not be deceptive since the same method will be continuously used for the accounting treatment of similar items until Mr. Bruni decides to change from dealing in second hand clothing to the purchase and sale of spare parts which they discussed. As part of the policy adopted by the business, the Accountant records only transactions that can be valued in monetary terms in the books of account and produces financial information at regular period for the perusal of Mr. Bruni. On reaching home, Sefakor Ojidomi, the daughter of Mr. Ojidomi who is pursuing an accounting programme in Owusuwusu College of Accountancy asked his father to guide her with an assignment Sikadanka, the Chairman and CEO of Defenders Ltd recently confronted the Chief Accountant of the company over the way and manner the financial statements were presented for the 2019 financial year. The following points are summaries of the CEO's reservations about the financial statements: a. b. He argued that the values of the company's assets be shown at current market values since these values will provide a better view of the company's value. The Chief Accountant is still insisting that the assets should be stated at original cost. He expressed shock when the financial statements did not show a value for the company's efficient staff. He argued that the company's beautiful and handsome sales personnel are valuable assets used to attract customers and therefore insisted that this