PRINTER VERSION 4 BLACK NE Question 1 The following situations involve accounting principles and assumptions. For each of the three situations, say if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify wwhich principle or assumption has been violated. Accounting method Principle/Assumption 1. Tisinal Company owns buildings that are worth substantially more than thuy originally cost. In an effort to provide more relevant information, Tisinal reports the buildings at fair value in its accounting reports. 2. Kingston Company includes in its accounting records only transaction data that can be expressed in terms of money. 2. Roger Holloway, owner of Roger's Photography, records his personal living costs as expenses of the business, LINK TO TEXT PR Question 2 Indicate whether each of the following statements is true or false. 1. Each partner is personally and individually liable for all partnership liabilities. 2. If a partnership dissolves, each partner has a daim to the specific assets he/she contributed to the firm. 3. In a limited partnership, all partners have limited liability. > 4. A major advantage of regular partnership is that it is simple and inexpensive to create and operate > 5. Members of a limited liability company can take an active management role C. LINK TO TEXT