Zenith Corporation had the following situations during the year::

a. Inventory with a cost of Rs. 1,86,400/- is reported at its market value of Rs. 2,35,600/-

b. Zenith Corporation added four additional weeks to its fiscal year so that it could make its income look stronger. Past years were 52 weeks.

c. Zeniths promoter purchased a car for personal use and charged it to the company.

d. Revenues of Rs. 25,000/- earned in the previous year was recorded in the current year.

e. Zeniths CEO suddenly dies and the company would like to account for this loss to the company, as he was an extremely talented person and an asset to the company.

Required : In each situation, identify the assumption or principle that has been violated and discuss how Zenith should have handled the situation.