Jennie Company bought computers amounting to P50,000 but paid only P40,000 as she got a discount of P10,000 from the supplier. However, she asked her accountant to record the computers at P50,000. What principle was violated by this transaction? Reporting Period Business Entity Concept Going Concern Exchange price or Cost Principle

Jennie Company bought computers amounting to P50,000 but paid only P40,000 as she got a discount of P10,000 from the supplier. However, she asked her accountant to record the computers at P50,000. What principle was violated by this transaction? Reporting Period Business Entity Concept Going Concern Exchange price or Cost Principle

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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