Question: State and explain the accounting concepts or principles that being violated in the followingdescription: (a) Encik Azmin Hisham, the owner of Bobo Shop, included his

Stateandexplaintheaccounting concepts or principlesthat being violated in the followingdescription:

(a) Encik Azmin Hisham, the owner of Bobo Shop, included his family's vacation trip to Tokyo and Sydney as expenses of the business.

(b) Vivid Trading changes its inventories valuation method every year. The account officer would choose the method that will report a higher net income.

(c)The record of the credit sales is done by referring to the receipt issued to the customers.

(d)Amira owns two businesses, Megah Trading and Girang Services. While preparing thefinancial statement, the accounts officer has mixed up the expenses for Megah Trading andGirang Services.

(e)The shareholder of Ceria Sdn Bhd requested that the quality of services and themorale of the employees should be reported in the financial statements.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!