Question: URGENTT PLEASE ANSWER QUICKLY QUESTION 2 (10 marks) For each of the following situations, state the accounting principle or concept has been applied or violated

URGENTT PLEASE ANSWER QUICKLY

QUESTION 2 (10 marks) For each of the following situations, state the accounting principle or concept has been applied or violated AND provide m explanation (a) ABC company signed a 2-year rental contract with a tenant starting from January 2030. Monthly rent income was $10,000. The tenant was required to pay the rent on the first day of every month. During the financial year ended December 31, 2020, the company received a total of $110.000 rent income. The bookkeeper of ABC company recorded this $110,000 as the rental revenue for the year ended December 31, 2020 (1) Accounting Principle / Concept Applied Or Violated Explanation: tb) The company bought a calculator costing $40. After taking a course in accounting the bookkeeper thought that it would be correct to spread the cost of the calculator over its 4 years of uncful life. ( Accounting Principle / Concept Applied OR Violated 1) Explanation MacBook

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