What's the Principle? 1. Put a [] mark if the company follows the going concern principle and [x] if not. (1 point each) 1. A company manufactures a packaging material for quick service restaurants. Suddenly, the government imposes a restriction on the manufacture, import, export, marketing, and sale of this packaging material due to its harmful effects. The packaging material is the only product that the company manufactures. 2. JK Company was in a serious financial trouble and could not pay its obligations. The government offered financial help to the company and guaranteed to pay all the debts from its creditors. 3. BPI Company closes one of its branches. 4. Nics Company is unable to make payments to its creditors due to a very weak liquidity position. The court grants the order of liquidating the company upon the request of one of the company's creditors. II. Identify the appropriate assumption affected in the following scenarios. (1 point each) 5. JK, the CEO of Sonny's Restaurant, provided a free workshop about effective management. Cla vouched the source documents to account the cost of the said training. What assumption is affected in this given case? 6. Due to typhoon Yolanda, the source documents of the accounting transactions were destroyed by the flood caused by the said typhoon. The accountant was preparing the financial statement for that year, but can't recover all the data needed. What accounting assumption is affected in this case? 7. JCL, a major stockholder of Joke Company, is involved in a criminal offense. The plaintiff wants to recover some damages from the company. What accounting assumption is affected in this case