Question: question a & b Question 1: Concepts and Principles (6 marks) Michael is the manager of ARKA Ltd, a tourism company located in Victoria Australia.

question a & b question a & b Question 1: Concepts and Principles (6 marks) Michael

Question 1: Concepts and Principles (6 marks) Michael is the manager of ARKA Ltd, a tourism company located in Victoria Australia. He stablished the company in 2019 and has been working as the CEO since then. Review of ARKA's accounting records shows that Michael has recorded his personal equipment in the equipment account. Also, a more detailed review of the accounting system illustrated that the revenue recorded in 2020 contains some of the services that actually were provided in 2021 and some expenses in 2020 reports belong to 2019. Additionally, Covid 19 has affected the tourism companies in Australia however, there is no information about the effect of Covid in the financial statements of ARKA Ltd. a) Name and briefly explain all the concepts and principles of accounting. (3 marks) b) Name the concepts or principles that have not been followed in this case and explain how they have been breached? (3 marks) Start your answer here

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