Which accounting principle has been violated

Assignment Help Accounting Basics
Reference no: EM132782584

Problem 1: In June 2019 ACDC Pty Ltd were advised that its major customer would no longer be purchasing it's product as it had become obsolete. There is no alternate market for the product so it is unlikely that ACDC Pty Ltd will be able to continue to operate. ACDC Pty Ltd have not adjusted the value of their assets at 30 June 2019. Which accounting principle has been violated?

Reference no: EM132782584

Questions Cloud

How is the concept of potential used in a force field : (i) Explain what is understood by a force field. Use gravitational and electric field concepts for your posting.
Prepare alpha company general journal entries : Use this information to prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.
Compute the gross taxable compensation income : Basic salary 350,000 Employee share to SSS, PHIC and HDMF 24,000. Compute the gross taxable compensation income
Find gravitational potential energy : Which of the following would have the greatest increase in gravitational potential energy
Which accounting principle has been violated : ACDC Pty Ltd were advise, ACDC Pty Ltd have not adjusted the value of their assets at 30 June 2019. Which accounting principle has been violated?
Prepare the closing entries for sheer fabrics : Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2020.
Determine the velocity of the plane relative to ground : The air velocity of a small plane travel is 220 km/h [N 35° E] when the wind is blowing at 85 km/h [ W 25° S]. Using component vectors from this course
Calculate the budgeted total sales for June : Production and sales estimates for June are as follows: Estimated inventory (units), June 1 8,000. Calculate the budgeted total sales for June
Describe significant hurdle blocking substantial judicial : The Texas criminal justice system has been a center of controversy throughout Texas history. Though several reform efforts have been attempted, no significant.

Reviews

Write a Review

Accounting Basics Questions & Answers

  If parts are held by a company on consignment and are

if parts are held by a company on consignment and are included in the physical count of goods in the warehouse and in

  The statement of cash flow under the indirect method

The below is a list of activities to be included in the preparation of UMUC's 2013 statement of cash flows. Prepare, IN GOOD FORM, the statement of cash flow under the indirect method.

  Determining the practical experimental cases

Write the postulated 2k factorial models for the following two practical experimental cases: (1) Studying the growth of epitaxial layer on silicon wafer by chemi- cal vapor deposition (CVD), where the response of interest, the epitaxial layer th..

  What are the six safety certificates the faa issues

What are the six safety certificates the FAA issues? What are the four components of the Air Traffic Control system? What is CRM and what is it designed to do?

  Determine the present value of the debt

Established a plant addition fund of $490,000 to be available at the end of year eight. In transaction (a), determine the present value of the debt

  What is your profit-maximizing price

Assume the price elasticity of demand for physicians' services is -0.2. If your marginal cost per visit is $20, what is your profit-maximizing price

  Evaluate the stock of unused petrol

The following Trial Balance was extracted from the books of Jackson trader, at 31st March, 1961.

  Identify any weaknesses in internal controls

Identify any weaknesses in internal controls within the purchase processes and indicate the improvements you would suggest

  What is her excess accumulations penalty

Beverly, a 76-year-old single taxpayer, forgot to take her 2019 required minimum distribution (RMD). What is her excess accumulations penalty

  What is the gain to be recognized

Robust company purchased an investment property on January 1, 2019 at a cost of P4,000,000. What is the gain to be recognized

  Compute the company manufacturing overhead rate

Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year

  Sony goodwill and segment reporting

Sony Goodwill and Segment Reporting

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd