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Please help me solve it asap.. Will upvote for sure thank you very much. Identify and justify the accounting concepts applied for each situation. a.
Please help me solve it asap.. Will upvote for sure thank you very much.
Identify and justify the accounting concepts applied for each situation. a. In December 2021, Flourish Deco received a customer's order and cash prepayment to install carpet in a new office that would not be ready for installation until March 2022. Flourish Deco has recognised the revenue from the customer order in December 2021. b. Syarikat ASL is in the process of listing its business in Bursa Malaysia. The accountant of the company has deferred the current year depreciation of RM63,000 to the following year in order to present a higher profit. c. Syarikat Putra has disclosed its balance sheet, income statement, owner's equity statement and cash flow statement in its annual report. The company is confident that all the information was necessary without disclosing the notes to the accounts. The following trial balance was extracted from Raiz Trading company's books as of 30 June 2022. Identify and justify the accounting concepts applied for each situation. a. In December 2021, Flourish Deco received a customer's order and cash prepayment to install carpet in a new office that would not be ready for installation until March 2022. Flourish Deco has recognised the revenue from the customer order in December 2021. b. Syarikat ASL is in the process of listing its business in Bursa Malaysia. The accountant of the company has deferred the current year depreciation of RM63,000 to the following year in order to present a higher profit. c. Syarikat Putra has disclosed its balance sheet, income statement, owner's equity statement and cash flow statement in its annual report. The company is confident that all the information was necessary without disclosing the notes to the accounts. The following trial balance was extracted from Raiz Trading company's books as of 30 June 2022Step by Step Solution
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