Identify what basic accounting principles, underlying assumption or accounting concept applied. 1. Maria Services provided security guards to China Bank of the Philippines for the year 2015. The business did not recognize income until it received the payment from the bank. 2. laila catering services received advance down payment for next year's event from its customers and recognized the advance payment as income for the year. 3.Troy Company received whole payment of tuition fees from its various customers and recognized it as liability even if it is already paid. 4.Last year expenses by Maria Firm were recognized in the current year financial statement. 5. Troy Merchandising used its personal telephone expense to call its suppliers and customers. Please answer it completely please. Thanks tutors. Just don't answer if you don't answer it completely.
Identify what basic accounting principles, underlying assumption or accounting concept applied.
1. Maria Services provided security guards to China Bank of the Philippines for the year 2015. The business did not recognize income until it received the payment from the bank.
2. laila catering services received advance down payment for next year's event from its customers and recognized the advance payment as income for the year.
3.Troy Company received whole payment of tuition fees from its various customers and recognized it as liability even if it is already paid.
4.Last year expenses by Maria Firm were recognized in the current year financial statement.
5. Troy Merchandising used its personal telephone expense to call its suppliers and customers.
Please answer it completely please.
Thanks tutors.
Just don't answer if you don't answer it completely.
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