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What accounting concept has been violated by the company

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Reference no: EM132478954

Question 1) A company received cash from a customer in advance and immediately recorded it as revenue in the same month although the goods are delivered in the following month. What accounting concept has been violated by the company?

Question 2) In time of rising prices, what effect does the historical cost concept have on a company's asset values and profit?

Reference no: EM132478954

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