Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 1 State the most suitable accounting concept for each of the statement below: Accounting concepts: Accounting period, Matching, Separate Entity, Prudence, Consistency, Accruals, Money

image text in transcribed

Part 1 State the most suitable accounting concept for each of the statement below: Accounting concepts: Accounting period, Matching, Separate Entity, Prudence, Consistency, Accruals, Money measurement, Going concern, Double Entry System, Historical Cost 1. Benjamin Sdn Bhd has been using the straight line method for depreciation of motor vehicles for the last 3 years. 2. For every business transaction, the accountant recorded a minimum of two accounts, where the debits must be equal to the credits. 3. Due to an emergency, Emily withdraw money from her business for personal usage. This withdrawal is recorded in the drawing account. 4. Adipati Holdings bought a new company with the assumption that the company can run for a foreseeable future. 5. Expenses are reported in the income statement in the month in which they are incurred

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Paul E. Dascher, Jerry R. Strawser, Robert H. Strawser, Ronald M. Copeland

8th Edition

0873937643, 978-0873937641

More Books

Students also viewed these Accounting questions

Question

Would you recommend this program to your employer? Why?

Answered: 1 week ago