Chapter 01 Homework JUL I revenue accounts Google Saved Help 2 Identify the accounting concept that was violated in each of the following situations. 10 points 1. Astro Turf Company recognizes an expense, cost of goods sold in the period the product is manufactured. 2. 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, 3. Philips Company pays the monthly mortgage on the home of its president, Larry Crosswhite, and charges the expenditure to miscellaneous expense. 00:33:10 eBook 1. The monetary unit assumption 2. The historical cost (original transaction value) principle 3. The economic entity assumption Print References Next 2 of 2 !!!