For each of the following situations, state the accounting principle or concept that has been applied...

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For each of the following situations, state the accounting principle or concept that has been applied or violated AND provide an explanation. (a) (b) Hong Kong Entertainment Company has organized two concerts in March and May 2021. Tickets were sold in advance in December 2020. All the money received from both concerts were recorded as revenue earned in the company's Income Statement for the year ended March 31, 2021. (i) (ii) Accounting Principle / Concept (ii) Explanation: John was the only owner of ABC Company. John purchased a birthday gift to his son who was six years old. He asked the accountant of the company to pay for it and record it as the entertainment expense ABC Company. (i) Accounting Principle / Concept Applied OR Violated Explanation: Applied OR Violated For each of the following situations, state the accounting principle or concept that has been applied or violated AND provide an explanation. (a) (b) Hong Kong Entertainment Company has organized two concerts in March and May 2021. Tickets were sold in advance in December 2020. All the money received from both concerts were recorded as revenue earned in the company's Income Statement for the year ended March 31, 2021. (i) (ii) Accounting Principle / Concept (ii) Explanation: John was the only owner of ABC Company. John purchased a birthday gift to his son who was six years old. He asked the accountant of the company to pay for it and record it as the entertainment expense ABC Company. (i) Accounting Principle / Concept Applied OR Violated Explanation: Applied OR Violated

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a i Accounting period cocept Applied According to bookkeeping period idea the existence of a busines... View the full answer