Question

Identify the accounting concept that was violated in each of the following situations.

Answer 1

The typical accounting principles/assumption includes Accrual principle, Conservatism principle., Consistency principle, Cost principle, Economic entity principle, Full disclosure principle, Going concern principle, , Matching principle etc.

What are the correct concept for each of the following activities using the drop-down list?

• Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the assumptions and land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. - The historical cost.

• Atwell Corporation has not prepared financial statements for external users for over three years. - The periodicity assumption.

• The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. - The realization principle.

• Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. - Economic entity assumption.

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