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Please I need the answers urgently. thank you. (8 marks) 1 a) For each independent situation below, you're required to identify the related accounting concept
Please I need the answers urgently. thank you. (8 marks)
1 a) For each independent situation below, you're required to identify the related accounting concept and conventions and state whether you agree or disagree with the accounting treatment Agree/ Accounting disagree concept Maris Sdn Bhd is one of the big company listed in Bursa Malaysia. There are some discrepancies in stationeries amount in 2020 ledger. The manager decides not to re-calculate the amount and recognize the value as it is. Fur Enterprise has some very high prominent and experience employees. However, the employees' attributes cannot be shown in the accounting records. The director has withdrawn RM5,000 from his business's bank account and used to pay the company's car maintenance and then has instructed his account clerk to record the transaction as part of the business expenses. The accountant pays the December 2019 utilities bill in early January 2020 and recorded it as 2020 expenses. 2 3 4 5 Karim decides to allocate RM10,000 for this year's provision for doubtful debt for his company. 6 7 Syam insisted to not calculate depreciation expenses for each of the company's assets because he thinks there is no need to reduce the value of assets. PLS Ltd purchased new assets which are land and building for RM100,000 in 2019. However, its value increased for 20% in year 2020. The accountant recognise the new value in 2020 financial statements even though the company adopt the cost concept practice. 8 Luka Dalam Enterprise initially adopted the straight line method in their calculation of depreciation. However, after the discussion with the finance director, the director suggests to switch to reducing balance method without any further justification. [8 marks)Step by Step Solution
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