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Which of the basic financial statement foundations has alton

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Reference no: EM132692071

Problem 1: Alton Floral is a new company that operates in the gardening industry. The owner of the company has decided not to hire an accountant, rather maintain the financial records on his own. He has reported his employees as assets on the balance sheet in an account called "Human Resources." He has valued them at the present value of their future salaries on the balance sheet. Also, the financial statements are not supported by notes explaining some of the figures. Which of the basic financial statement foundations has Alton Floral violated? Explain

Reference no: EM132692071

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