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tion observations. of Johnson & Johnson company. He had following Auditor...

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Accounting

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tion observations. of Johnson & Johnson company. He had following Auditor Sam Alex was auditing the accounting statements 1 Johnson & Johnson company company had an office building, which they purchased in year 2000. Recognizing that the values of land have been increasing in the recent years. Peter&Peter Co increased the balance sheet amount of land from $50,000 to & 70,000. Explain the accounting concept or convention which is applicable in AB I III this context and also comment whether this treatment is a violation or not. Response

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