S1-2. (Learning Objective 2: Identify relevant accounting assumptions) Fallon Osmondis chairperson of the board of Simple Treats, Inc. Suppose Osmond has just founded SimpleTreats, and assume that she considers her home and other personal assets as part of SimpleTreats. Answer these questions about the evaluation of Simple Treats, Inc.1. Which accounting assumption governs this situation?2. How can the proper application of this accounting assumption give Osmond and others arealistic view of Simple Treats, Inc.? Explain in detail.

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