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5) Presented below are a number of accounting procedures and practices followed by I- LOVE-IFRS...

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Accounting

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5) Presented below are a number of accounting procedures and practices followed by I- LOVE-IFRS Corp. For each of these items, list the assumption, principle, or qualitative characteristic that is NOT being followed. 1. Because the company's income is low this year, I-LOVE-IFRS switched from accelerated. depreciation to straight-line depreciation, 2. The president of I-LOVE-IFRS believes it is foolish to report financial information on a yearly basis. She believes that financial information should be disclosed only when significant new information is available related to the company's operations. 3. I-LOVE-IFRS decides to establish a large loss and related liability this year because of the possibility that it may lose a pending lawsuit. The possibility of loss is considered remote by the corporation's lawyers. 4. One of the corporation's executives purchased a new home computer for personal use with company money, charging Miscellaneous Expense. 5. The corporation has not established an Allowance for Doubtful accounts, even though there are a significant number of their accounts that are either slow paying or may not pay their debts in full

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