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Cite what quantitative attribute that is violated understability prudence materiality timelines completeness substance over form representational faithfulness. please answer all the questions immediately a. Miss
Cite what quantitative attribute that is violated understability prudence materiality timelines completeness substance over form representational faithfulness.
please answer all the questions immediately
a. Miss Sanchez, a fresh graduate, was hired as bookkeeper of Skin Care, a manufacturer of beauty products. She prepared a statement where total assets amounted to P2,500,000 including waste basket P100, broom P150 and dustpan P80. b. Mr. Bo, the bookkeeper of Nature Spa, prepared a statement of the owner on April 13, presenting only three items: Cash P50,000, Other Assets P4,500,000 for all six kinds of assets and Total Claims of creditors and owner P3,250,000. c. A firm spent P400,000 for cooking wares which was recorded as cooking expense. d. The December 31, 2016 financial reports were submitted to the owner on April 13, 2017, a Friday. Deadline for submission to the BIR is April 15, a Sunday. e. The financial reports were presented to the shareholders of Cebu Hospital. Several issues were raised by the medical practitioners such as why the cash was down by P2,500,000. The Chief Finance Officer had a hard time explaining why profit improved by P10,000,000 although cash went down by P2,500,000 f. The shareholders had a hard time evaluating the 2016 reports submittelito them by AJA Company which showed assets, liabilities and profit for 2016 only. "We can't determine trend of performance nor the improvement in its financial structure. g. Presented as on of the assets in the company's 2016 statement was a parcel of land worth P300,000 but which current market value is P500,000. The Finance Officer was surprised to see this account as P500,000 which no additional acquisition was made. h. The company borrowed P500,000 and reported this not as liability but as revenueStep by Step Solution
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