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Exercise 4. The following ethical situations involve accounting principles and concepts. Please decide which concept...

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Accounting

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Exercise 4. The following ethical situations involve accounting principles and concepts. Please decide which concept is involved and if it was used correctly or incorrectly. (a) The Jeffery Company includes in its accounting records only transaction data that can be expressed in terms of dollars. (b) The Drumpf Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, the company reports the buildings at current market value in its accounting records. (c) Miguel Castro, owner of Castro's Cantina, records his personal living costs as expenses of the Cantina and shows them as Expenses on the Cantina's Income Statement

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