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Question - Concepts and Principles - KTA LTD, a company in the wine industry. The company has recently bought a building for $500,000 which has been represented in the statement of financial position. The Chief Executive Officer has noticed that the building was worth $515,000 but the company received a $15,000 discount on the purchase price. The CEO has asked you to reflect the $515,000in the financial statements but you have mentioned that accountants need to follow the concepts and principles.
a) Name and briefly explain all the concepts and principles of accounting.
b) Name the concept or principle that has not been followed in this case and explain how it has been breached?
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
Make the appropriate year-end adjusting entry to record depreciation. How will error impact the financial statements of ABC Company
List any education and experience requirements and CPD/CPE including yearly requirements that are required by your chosen organisation.
Mike Corporation exchanged land and cash of $6,500 for equipment. The land had a book value of $45,000 and a fair value of $34,000. Assume the exchange has commercial substance. Prepare the journal entry to record the exchange.
What are the advantages and limitations of Stress Testing? How reliable are these tests for ensuring banking stability and preventing contagion?
Compute the cost of the car-washing machine. Mist City Car Wash purchased a new brushless car-washing machine for one of its bays
Mercury Corporation acquired 100 percent ownership of Saturn Corporation. On that date, Saturn reported assets and liabilities with book values of $300,000 and $100,000, respectively, common stock outstanding of $50,000, and retained earnings of $..
Question - What will be the value after eight years if $10,000 is invested at an annual rate of 3.4% compounded continuously
Provide the journal entries. On January 1, 20x1, ABC Co. enters into a 4-year lease of office equipment. Annual rental payable at the end of each year is ?12,00
Find what percent of total inventory is collector's items? Marshall's Theater Company claims that of its 2,286 costumes in inventory.
The company reported net income during the year in the amount of P840,000. What is the diluted earnings per share for the year ended December 31, 2012
Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 1/2. The straight-line method is used to allo..
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