How do i determine this? This is under conceptual framework...

For each number, write down the applicable postulate, principle, qualitative characteristic, or any term contained in the conceptual framework. Beside your answer, indicate whether it has been applied or violated. 1. Adjusting entries are prepared at the end of each accounting period to recognize unrecorded revenues and expenses and to postpone recognition on items of revenues and expenses which have not yet been eamed or incurred. 2. Financial statements are prepared at the end of each accounting period regardless of the financial performance of the business entity. 3. John is the president of XYZ Corp. Salaries paid to him are recorded as salaries expense while earnings distributed to him are recorded as dividends. 4. Land purchased 10 years ago for P500,000, has a current appraised value of P2,000,000. It is recorded in the balance sheet at P2,000,000. (Note: There are three possible sets of answers.) 5. If FIFO method of inventory valuation is used for the 1st year, it should also be used for the 2nd and succeeding years. 6. Doubtful accounts are recognized as expense in the current period although they may become actually worthless in succeeding accounting periods. 7. A multi-national corporation purchased a bulletin board for P2,000. The P2,000 is expensed outright rather than capitalized and depreciated over the bulletin board's useful life. (Note: There are three possible sets of answers.) 8. A three-year fire insurance policy is purchased on Jan. 1, 2011. The insurance cost will be expensed in 2011, 2012 and 2013. 9. An entity writes off its goodwill because it has lost the ability to earn more than what is normal in the industry. 10. An order for merchandise with a selling price of P100,000 is received by a business entity. The order is approved by the credit department and a shipping order is sent to the shipping department. At this point, the business entity records a sale of P100,000. 11. ABC Corp. is sued by XYZ Corp. for patent infringement. ABC Corporation's lawyer it is probable ABC will lose the case and pay P1,000,000 in damages. Since the case is still under litigation, ABC Corp. does not recognize a loss. 12. A stipulation in an installment sale of equipment states that ownership shall be transferred to the buyer only upon full payment of the installment price. Because of this, the buyer did not record the equipment as an asset. 13. On Jan. 25, 2013, prior to the issuance of the 2012 financial statements, a fire destroyed the warehouse of a business entity. Since the fire occurred in 2013, it is not mentioned in the 2012 financial statements. 14. An entity incurred P60,000 expenses to produce 60 tables. By the end of the year, 50 tables were sold. The entity recognized expense of P50,000 while P10,000 is still recognized as an asset. 15. An equipment was purchased for P500,000 2 years ago. It is currently carried in the books at P500,000. No part of its cost has been expensed. For each number, write down the applicable postulate, principle, qualitative characteristic, or any term contained in the conceptual framework. Beside your answer, indicate whether it has been applied or violated. 1. Adjusting entries are prepared at the end of each accounting period to recognize unrecorded revenues and expenses and to postpone recognition on items of revenues and expenses which have not yet been eamed or incurred. 2. Financial statements are prepared at the end of each accounting period regardless of the financial performance of the business entity. 3. John is the president of XYZ Corp. Salaries paid to him are recorded as salaries expense while earnings distributed to him are recorded as dividends. 4. Land purchased 10 years ago for P500,000, has a current appraised value of P2,000,000. It is recorded in the balance sheet at P2,000,000. (Note: There are three possible sets of answers.) 5. If FIFO method of inventory valuation is used for the 1st year, it should also be used for the 2nd and succeeding years. 6. Doubtful accounts are recognized as expense in the current period although they may become actually worthless in succeeding accounting periods. 7. A multi-national corporation purchased a bulletin board for P2,000. The P2,000 is expensed outright rather than capitalized and depreciated over the bulletin board's useful life. (Note: There are three possible sets of answers.) 8. A three-year fire insurance policy is purchased on Jan. 1, 2011. The insurance cost will be expensed in 2011, 2012 and 2013. 9. An entity writes off its goodwill because it has lost the ability to earn more than what is normal in the industry. 10. An order for merchandise with a selling price of P100,000 is received by a business entity. The order is approved by the credit department and a shipping order is sent to the shipping department. At this point, the business entity records a sale of P100,000. 11. ABC Corp. is sued by XYZ Corp. for patent infringement. ABC Corporation's lawyer it is probable ABC will lose the case and pay P1,000,000 in damages. Since the case is still under litigation, ABC Corp. does not recognize a loss. 12. A stipulation in an installment sale of equipment states that ownership shall be transferred to the buyer only upon full payment of the installment price. Because of this, the buyer did not record the equipment as an asset. 13. On Jan. 25, 2013, prior to the issuance of the 2012 financial statements, a fire destroyed the warehouse of a business entity. Since the fire occurred in 2013, it is not mentioned in the 2012 financial statements. 14. An entity incurred P60,000 expenses to produce 60 tables. By the end of the year, 50 tables were sold. The entity recognized expense of P50,000 while P10,000 is still recognized as an asset. 15. An equipment was purchased for P500,000 2 years ago. It is currently carried in the books at P500,000. No part of its cost has been expensed