SOLUTION: Read the problem carefully.Indicate which accounting concept and principles violated.support your answer by giving your analysis.Provide a one whole sheet of paper for your answers

Question 1178768: Read the problem carefully.Indicate which accounting concept and principles violated.support your answer by giving your analysis.Provide a one whole sheet of paper for your answers.
1.Mr.Camacho,an owner-manager of muscle mass fitness gym bought a motorcycle for personal use. The invoice was given to his accountant who recorded it as an asset of the business.
2.Sweet foods company ordered supplies needed in the assembly line of it's production department.upon order,the supplies immediately recorded as operating expenses.
3.XYZ corporation is an owner of the ABC Gasoline station at the same time an operator of the QRS bus liner.Some of the expenses of QRS Bus liner are reported to the ABC Gasoline station to increase their expenses and minimize their taxes.
4.A heavy duty stapler purchased at a cost of ₱500. This was recorded as an asset and a depreciation expense to decrease it's value by ₱50 per year for 10 years.
5.In the balance sheet of Japon Surplus, an equipment purchased from japan for 200,000 yen was reported while all other assets were reported in Philippines peso.
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.

This forum is intended to help students in their studies of Math.

It is not intended to consult students in other disciplines.

RELATED QUESTIONS
Solve the system by the linear combination method, show all work carefully, show your... (answered by ewatrrr)

Hello, I was having trouble finding the solution to this multi-part problem. I know it is (answered by stanbon,ikleyn)

B. Problem Solving: Compute the value of assets, liabilities, and equity for the... (answered by CPhill)

the question is solve for J. Q=I^2Rt/J This whole concept of literal equations has (answered by Fombitz,rapaljer)

A machine pumps cleanser into a process at a rate which has a uniform distribution in the (answered by Boreal)

Direction: 1. Read carefully the problems given below. 2. Analyze the suggested... (answered by ikleyn,MathLover1)

Solve using addition and multiplication principles: 2.4x+21.4>53.5-8.3x Simplify... (answered by Tatiana_Stebko)

What is the difference between 3y minutes and 25y seconds, giving your answer in seconds (answered by Alan3354)

Determine the number of factors of ^256-1 and list them. Support your answer by... (answered by stanbon)