Business loan?

Johnny, a sole proprietor, is in the process of applying for a business loan. The guard requires a set of accrual-based financial statements from Johnny's business. Johnny have fixed to include on the financial statements the expediency of his home (worth an estimated $500,000). Which accounting principle, concept, or assumption, if any, is Johnny violate?



a. Adequate Disclosure Principle

b. Business Entity Concept

c. Revenue Recognition Principle

d. Matching Principle

e. No assumption, concept, or principle is human being violated.

f. Going Concern Assumption

g. Unit of Measure Concept

Answers:
A. modest disclosure. UNLESS he in fact requirements to be stupid adequate to put his house up as collateral...
is this a press ? for exam?]
I would say aloud none. A sole proprietor have total liability and can use his home on his financial statements if he wishes to use it as collateral.

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