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List the foundational principle of financial information

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Problem 1: For each of the independent situations below, list the foundational principle(s) and/or qualitative characteristic(s) of financial information that has been violated.

a. Duffee Inc. decides that it will be selling its subsidiary, Only Inc., in a few years. Duffee has excluded Only's activities from its consolidated financial results.

b. Zoe Corporation expensed the purchase of new manufacturing equipment.

c. A large lawsuit has been filed against Moony Corp. Moony has recorded a loss and related estimated liability that is equal to the maximum possible amount that it feels it might lose. Moony is confident, however, that either it will win the suit, or it will owe a much smaller amount.

Reference no: EM132994618

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