Tercek Company recognizes revenue during the production cycle. The price of the product and how many items will be sold are not certain.		?CompletenessTimeliness CharacteristicRevenue Recognition CriteriaReporting Entity ConceptHistorical CostGoing Concern AssumptionCost ConstraintExpense Recognition CriteriaNo Violation
2.		In preparing its financial statements, Seco Company left out information about its cost flow assumption for inventories.		?CompletenessRevenue Recognition CriteriaExpense Recognition CriteriaTimeliness CharacteristicReporting Entity ConceptGoing Concern AssumptionHistorical CostCost ConstraintNo Violation
3.		Martinez Company amortizes patents over their legal life of 20 years instead of their economic life, which is usually about five years.		?Reporting Entity ConceptGoing Concern AssumptionTimeliness CharacteristicNo ViolationRevenue Recognition CriteriaHistorical CostExpense Recognition CriteriaCompletenessCost Constraint
4.		Ravine Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Long-term assets and liabilities are reported as current. The company is unlikely to be liquidated.		?Cost ConstraintRevenue Recognition CriteriaReporting Entity ConceptGoing Concern AssumptionNo ViolationCompletenessHistorical CostExpense Recognition CriteriaTimeliness Characteristic
5.		Barton Company reports merchandise inventory on its balance sheet at its current market value of $100,000. The inventory has an original cost of $110,000.		?Timeliness CharacteristicRevenue Recognition CriteriaReporting Entity ConceptExpense Recognition CriteriaCompletenessHistorical CostCost ConstraintNo ViolationGoing Concern Assumption
6.		Bonilla Company is in its third year of operations and has not yet issued financial statements.		?No ViolationExpense Recognition CriteriaRevenue Recognition CriteriaCompletenessReporting Entity ConceptGoing Concern AssumptionTimeliness CharacteristicHistorical CostCost Constraint
7.		Watts Company has merchandise inventory on hand that cost $400,000. Watts reports merchandise inventory on its balance sheet at its current market value of $425,000.		?Reporting Entity ConceptGoing Concern AssumptionCompletenessTimeliness CharacteristicHistorical CostCost ConstraintNo ViolationExpense Recognition CriteriaRevenue Recognition Criteria
8.		Steph Wolfson, president of the Download Music Company, bought a computer for her personal use. She paid for the computer with company funds and debited the computer account.		?No ViolationReporting Entity ConceptGoing Concern AssumptionTimeliness CharacteristicExpense Recognition CriteriaRevenue Recognition CriteriaCompletenessCost ConstraintHistorical Cost
9.		Sagoo Company decided not to implement a perpetual inventory system that would save $40,000 annually because the cost of the system was $100,000 and it was estimated to have a 10-year lif