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e has violated

e has 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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Ahmed purchased merchandise worth $ 100,000 and sold 60% for $ 90, 000 and sold 40% of the remaining for $ 60, 000 and met operating expenses of $ 10, 000. He counted operating profit as $ 40, 000. * He has violated prudence principle O cost concept O consistency principle O none of these
Transcribed Image Text:Ahmed purchased merchandise worth $ 100,000 and sold 60% for $ 90, 000 and sold 40% of the remaining for $ 60, 000 and met operating expenses of $ 10, 000. He counted operating profit as $ 40, 000. * He has violated prudence principle O cost concept O consistency principle O none of these
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