Homework Help is Here – Start Your Trial Now!
Business
Accounting
statement of financial position of the company. It was reported at that amount 1. George bought a racing car and as an owner and a manager of his own company, Directions. Indicate which accounting principle is violated. Choosc your answers from Business entity Accrual accounting Accrual Time Period Time period Going Concern Business Entity Materiality Cost Matching while all the other assets were reported in Philippine peso. that he is going to prepare the statements. position of the shoe store. 5 A saw was bought by Mike Pacardo costing Php 1,000.00 and it was recorded as an asset. immediately 6. A shoe factory needed a machine for fast production, so they ordered it. Upon orden the machine was immediately listed as one of its assets. 7. Jenny has a sari-sari store. Whenever she and her family do not have anything to eat, she will get food from her sari-sari store without paying for it. 8. Mr. Sanchez has a kimchi business which he believes will only operate for two years because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financial statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (without payment) but Apple, the owner, did not record the service revenue. 30

statement of financial position of the company. It was reported at that amount 1. George bought a racing car and as an owner and a manager of his own company, Directions. Indicate which accounting principle is violated. Choosc your answers from Business entity Accrual accounting Accrual Time Period Time period Going Concern Business Entity Materiality Cost Matching while all the other assets were reported in Philippine peso. that he is going to prepare the statements. position of the shoe store. 5 A saw was bought by Mike Pacardo costing Php 1,000.00 and it was recorded as an asset. immediately 6. A shoe factory needed a machine for fast production, so they ordered it. Upon orden the machine was immediately listed as one of its assets. 7. Jenny has a sari-sari store. Whenever she and her family do not have anything to eat, she will get food from her sari-sari store without paying for it. 8. Mr. Sanchez has a kimchi business which he believes will only operate for two years because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financial statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (without payment) but Apple, the owner, did not record the service revenue. 30

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 5CP
See similar textbooks
icon
Related questions
Question
What accounting principle is this
statement of financial position of the company. It was reported at that amount 1. George bought a racing car and as an owner and a manager of his own company, Directions. Indicate which accounting principle is violated. Choosc your answers from Business entity Accrual accounting Accrual Time Period Time period Going Concern Business Entity Materiality Cost Matching while all the other assets were reported in Philippine peso. that he is going to prepare the statements. position of the shoe store. recorded as an asset. 6. A shoe factory needed a machine for fast production, so they ordered it. Upon orde the machine was immediately listed as one of its assets. 7. Jenny has a sari-sari store. Whenever she and her family do not have anything to eat, she will get food from her sari-sari store without paying for it. 8. Mr. Sanchez has a kimchi business which he believes will only operate for two years because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financial statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (without payment) but Apple, the owner, did not record the service revenue. 30
Transcribed Image Text:statement of financial position of the company. It was reported at that amount 1. George bought a racing car and as an owner and a manager of his own company, Directions. Indicate which accounting principle is violated. Choosc your answers from Business entity Accrual accounting Accrual Time Period Time period Going Concern Business Entity Materiality Cost Matching while all the other assets were reported in Philippine peso. that he is going to prepare the statements. position of the shoe store. recorded as an asset. 6. A shoe factory needed a machine for fast production, so they ordered it. Upon orde the machine was immediately listed as one of its assets. 7. Jenny has a sari-sari store. Whenever she and her family do not have anything to eat, she will get food from her sari-sari store without paying for it. 8. Mr. Sanchez has a kimchi business which he believes will only operate for two years because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financial statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (without payment) but Apple, the owner, did not record the service revenue. 30
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS