Question: Identify the accounting concept that was violated in each of the following situations. 1. Astro Turf Company recognize an expense, cost of goods sold, in

Identify the accounting concept that was violated in each of the following situations.
1. Astro Turf Company recognize an expense, cost of goods sold, in the period the product is manufactured.
2. MecCloud Drug Company owns a patent that it purchased three years ago for $2 million. The controller recently revalued the patent to its approximate market value of $8 million.
3. Philips Company pays the monthly mortgage on the home of its president, Larry Crosswhite, and charges the expenditure to miscellaneous expense.

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