(Solution) - Ghosh Co had three major business transactions during 2010 a -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Ghosh Co. had three major business transactions during 2010.
(a) Reported at its market value of $260,000 merchandise inventory with a cost of $208,000.
(b) The president of Ghosh Co., Dipak Ghosh, purchased a truck for personal use and charged it to his expense account.
(c) Ghosh Co. wanted to make its 2010 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.