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In each situation identify the assumption or principle that

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Rosman Co. had three major business transactions during 2012.

(a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000.

(b) The president of Rosman Co., Jay Rosman, purchased a truck for personal use and charged it to his expense account.

(c) Rosman Co. wanted to make its 2012 income look better, so it added 2 more weeks to the year (a 54-week year). Previous years were 52 weeks.

Instructions

In each situation, identify the assumption or principle that has been violated, if any, and discuss what the company should have done.

Reference no: EM13483092

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