I have 7 questions If someone need to work

Anonymous
timer Asked: Jan 24th, 2021

Question Description

This is example but the rest of these question inside Zipped folder

1/ Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it

2/ Identify the accounting concept that was violated in each of the following situations.

Astro Turf Company recognizes an expense, cost of goods sold, in the period the product is manufactured.

  1. McCloud Drug Company owns a patent that it purchased three years ago for $2 million. The controller recently revalued the patent to its approximate market value of $8 million.
  2. Philips Company pays the monthly mortgage on the home of its president, Larry Crosswhite, and charges the expenditure to miscellaneous expense
  3. Identify the accounting concept that was violated in each of the following situations

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