Activity 2: Identification Directions: Identify the accounting principles that are being violated in the situation below. Write your answer in your activity notebook. 1. The cashier of a company bought one calculator for office used. The invoice was given to the accountant who recorded it as an asset of the business with monthly depreciation of 100 for 10 years. 2. Jollibee Food Corporation bought equipment from Japan for 150,000 yen and the said amount was recorded in the balance sheet. 3. Maria bought a machine last 2010 for 150,000. Last December 31, 2020, the statement of financial position of Maria shows the current value of the machine amounting to 50,000. 4. Upon recording of sales, the accountant notice that the duplicate sales invoice had two amounts. The accountant records the amount of 50,000 instead of 45,000 in the sales journal. 5. The owner-manager bought a computer for personal use. The invoice was given to the bookkeeper and record as an asset of the business. 6. Liwliwa bought a computer for her newly open laundry business and an invoice was given to the accountant and recorded in her salon business due to lack of available cash. 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