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Explain all the concepts and principles of accounting

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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?

Reference no: EM132995862

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