statement of financial position of the company. It was reported at that amount 1. George bought a racing car and as an owner and a manager of his own company, Directions. Indicate which accounting principle is violated. Choosc your answers from Business entity Accrual accounting Accrual Time Period Time period Going Concern Business Entity Materiality Cost Matching while all the other assets were reported in Philippine peso. that he is going to prepare the statements. position of the shoe store. 5 A saw was bought by Mike Pacardo costing Php 1,000.00 and it was recorded as an asset. immediately 6. A shoe factory needed a machine for fast production, so they ordered it. Upon orden the machine was immediately listed as one of its assets. 7. Jenny has a sari-sari store. Whenever she and her family do not have anything to eat, she will get food from her sari-sari store without paying for it. 8. Mr. Sanchez has a kimchi business which he believes will only operate for two years because of lack of customers. 9. Ms. Tabugan is an accountant in JYP Bookstore and she prepares financial statements only whenever she wants. 10. Apple Salon performs a hair treatment on Mrs. Valdez on account (without payment) but Apple, the owner, did not record the service revenue. 30

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: Financial accounting serves what purpose

A: Introduction : Financial accounting The process of preparing financial statements, which comprise…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: What is the best accounting method?

A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…

Q: What is the origin of the term "double accounting systems" for certain types of accounting?

A: This subject discusses the origins of the phrase "double accounting systems" for specific forms of…

Q: How do Accounting standards Increase Financial Statement Reliability?

A: Accounting standards are established regulations for financial reporting from which widely accepted…

Q: What is financial accounting's principal purpose?

A: The financial accounting main and principal purpose is to allow the third parties to assess the…

Q: why are current liabilites important in accounting

A: Current liabilities are important in accounting because they represent the obligations that an…

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: How is financial accounting different frommanagement accounting?

A: The financial accounting and the management accounting are used for taking decisions for the…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: How does financial accounting perform its fundamental function?

A: This question clarifies how financial accounting carries out its primary duty.

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: What are the different objectives of accounting?

A: Accounting: An organization's financial transactions are recorded through accounting. Reporting…

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: How important is documentation when it comes to accounting?

A: Documentation are written record.

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: what makes accounting a valueable discipline?

A: Accounting, often regarded as the language of business, holds a position of paramount importance in…

Q: What is the purpose of accounting?

A: Accounting is the process of recording the financial transactions and events of a business. The…

Q: What does the term 'accrual accounting principle' mean

A: The accrual basis of accounting is the process of recording revenues as they are earned and expenses…

Q: What is the aim of accounting, to put it in the broadest possible terms?

A: Introduction: A business's financial events and transactions may be summarized and recorded in…

Q: onita Corporation issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock…

A: A bond is a fixed income security that is used to signify a loan that a borrower has obtained from a…

Q: What is the difference between a conceptual framework and accounting standards ?

A: Standards: These are defined as the measurement criteria or benchmarks that are established for…

Q: What is the meaning of accounting?

A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…

Q: What are the strategies of Accounting Theory?

A: It involves the assumptions that guides the reporting and recording.

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…