Question 17 Lopez Co. had three major business transactions during 2017 In each

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Question 17 Lopez Co. had three major business transactions during 2017 In each sihuation, identity the assumption or principle that has beon violated Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. The president of Lopez Co, Victor Loper, purchased a truck for personal use and charged it to his expense account Lopez Ca. wanted to make its 2017 Klme look better, so it added its incane statenet reporting 2 more weeks to its income statement reporting period (a 54 week year). Previous years were 52 wee

Explanation / Answer

(a) Historical cost principle

(b) Economic entity assumption

(c) Periodicity assumption

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