Directions: Identify the accounting principles that are being violated in the situation below. 7. ESC Merchandise used the first-in-first-out method. The sales lady open and sold the newly delivered condensed milk because there is no available in the display area and going to the stock room is a little bit tiring. 8. Liwliwa deposited P10,000 to Ropali Corporation for the reservation of one unit of TMX 155 on January 31, 2021, and the unit will be delivered on
Directions: Identify the accounting principles that are being violated in the situation below. 7. ESC Merchandise used the first-in-first-out method. The sales lady open and sold the newly delivered condensed milk because there is no available in the display area and going to the stock room is a little bit tiring. 8. Liwliwa deposited P10,000 to Ropali Corporation for the reservation of one unit of TMX 155 on January 31, 2021, and the unit will be delivered on
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Directions: Identify the accounting principles that are being violated in the situation below.
7. ESC Merchandise used the first-in-first-out method. The sales lady open and sold the newly delivered condensed milk because there is no available in the display area and going to the stock room is a little bit tiring.
8. Liwliwa deposited P10,000 to Ropali Corporation for the reservation of one unit of TMX 155 on January 31, 2021, and the unit will be delivered on February 14, 2021, as a gift to her husband and paid for the remaining balance on the same date. The accountant credit the unit as sales on January 31, 2021.
9. On February 15, 2021, Ropali Corporation paid to Petron the accumulated gas for the motorcycle sale for January. On the same date, the accountant record the said gasoline payment as expenses.
10. Juana is a newly hired accountant of a government institution. She adopts the accounting practices and procedures of the previous private institution she came from since it is more convenient for her.
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