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Identify the relevant accounting principle

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Reference no: EM132873702

Question - Flamingo Limited is a dancing school providing a wide variety of dance classes for all ages. The financial statements are prepared annually on 31 December. The Company's 2020 financial statements were issued on 31 March 2021.

A new accounting clerk, May was hired by Flamingo Limited on 1 January 2020. When the accountant, Yan, reviewed the financial statements prepared by May, she discovered the following improper accounting treatments.

Identify the relevant accounting principle/concept that has been violated/departed.

(1) The Company provides ballet dance classes for a primary school in January 2021. The tuition fee is $32,000 and the whole amount was received on 30 December 2020. May recorded the total amount received as revenue earned on 30 December 2020.

(2) The Company did not report a legal case filed against the Company for possible infringement of copyright for $200,000 during the year in the notes to the financial statements. The hearing date is fixed on June 1, 2021.

Reference no: EM132873702

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