For each of the following situntions, indicate whether you agree or disagree with the practice described,...

 

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For each of the following situntions, indicate whether you agree or disagree with the practice described, and list one primary accounting concept/assumption/qualitative criteria/measurement method that is either followed or violated in the situatinn, and indicate how it is related: 1. Johnson Inc., a listed compuny, decided to not record the purchase of a pen worth SI. 2. Auron, the founder of the company, invested S10,000 to his own compuny as capital. He decided to take several chairs (buught in the name of the company) back home for his own usage. 3. Jenny, the accountant, recorded the purchase of two printing machines in dollar value. 4. Giant Co, must estimate and record a warrunty liability and has obtained three estimates- one for S10,000, one for $20,000, and one for $100,000. The company records S10,000. 5. Giant Cs. must also estimate and record a tax retum and lsas obtained three estimates one for S1,000, one for $5,000, and one for S20,00, The company records S1,000. For each of the following situntions, indicate whether you agree or disagree with the practice described, and list one primary accounting concept/assumption/qualitative criteria/measurement method that is either followed or violated in the situatinn, and indicate how it is related: 1. Johnson Inc., a listed compuny, decided to not record the purchase of a pen worth SI. 2. Auron, the founder of the company, invested S10,000 to his own compuny as capital. He decided to take several chairs (buught in the name of the company) back home for his own usage. 3. Jenny, the accountant, recorded the purchase of two printing machines in dollar value. 4. Giant Co, must estimate and record a warrunty liability and has obtained three estimates- one for S10,000, one for $20,000, and one for $100,000. The company records S10,000. 5. Giant Cs. must also estimate and record a tax retum and lsas obtained three estimates one for S1,000, one for $5,000, and one for S20,00, The company records S1,000.

Answer rating: 100% (QA)

Reason As per full discuene rinciple f accounts Solution Disagree Reason As cowseuvatism prudence pr... View the full answer