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accounting principle is violated.

accounting principle is violated.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. Jenny has a sari-sari store. Whenever she and her family do not have anything to 6. A shoe factory needed a machine for fast production, so they ordered it. Upon order, 8. Mr. Sanchez has a kimchi business which he believes will only operafe for two years Directions: Indicate which accounting principle is violated. Choose your answers from the box. Write your answers on a separate sheet of раper. Accrual accoùnting Business entity Time Period Аccrual Going Concern Business Entity Time period Cost Materiality Matching the machine was immediately listed as one of its assets. eat, she will get food from her sari-sari store without paying for it. because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financiel statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (withou payment) but Apple, the owner, did not record the service revenue. 30
Transcribed Image Text:7. Jenny has a sari-sari store. Whenever she and her family do not have anything to 6. A shoe factory needed a machine for fast production, so they ordered it. Upon order, 8. Mr. Sanchez has a kimchi business which he believes will only operafe for two years Directions: Indicate which accounting principle is violated. Choose your answers from the box. Write your answers on a separate sheet of раper. Accrual accoùnting Business entity Time Period Аccrual Going Concern Business Entity Time period Cost Materiality Matching the machine was immediately listed as one of its assets. eat, she will get food from her sari-sari store without paying for it. because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financiel statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (withou payment) but Apple, the owner, did not record the service revenue. 30
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