Name:Score:Grade/Section:Activity 2: IdentificationDirections: Identify the accounting principles that are being violated inthe 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 tothe accountant who recorded it as an asset of the business with monthly depreciation of100 for 10 years.2. Jollibee Food Corporation bought equipment from Japan for 150,000 yen and the saidamount was recorded in the balance sheet.3. Maria bought a machine last 2010 for 150,000. Last December 31, 2020, the statement offinancial 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 twoamounts. The accountant records the amount of 50,000 instead of 45,000 in the salesjournal.5. The owner-manager bought a computer for personal use. The invoice was given to thebookkeeper and record as an asset of the business.6. Liwliwa bought a computer for her newly open laundry business and an invoice was givento 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 thenewly delivered condensed milk because there is no available in the display area andgoing to the stock room is a little bit tiring.8. Liwliwa deposited P10,000 to Ropali Corporation for the reservation of one unit of TMX155 on January 31, 2021, and the unit will be delivered on February 14, 2021, as a gift toher husband and paid for the remaining balance on the same date. The accountant creditthe unit as sales on January 31, 2021.9. On February 15, 2021, Ropali Corporation paid to Petron the accumulated gas for themotorcycle sale for January. On the same date, the accountant record the said gasolinepayment as expenses.10. Juana is a newly hired accountant of a government institution. She adopts the accountingpractices and procedures of the previous private institution she came from since it is moreconvenient for her.PARENTS/GUARDIAN SIGNITURE OVER PRINTED NAME2022.02.18 11:34

Accounting principle are the rules for recording/presenting financial transaction which needs to be…

Answered: The cashier of a company bought one…

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 vears.

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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