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! .
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