question archive Which accounting assumption is violated in each case? (The accountant recorded income for the year ended 3 0 June 2019 of $1000 for a contract with a customer for services delivered during the months of May to August 2019
Which accounting assumption is violated in each case? (The accountant recorded income for the year ended 3 0 June 2019 of $1000 for a contract with a customer for services delivered during the months of May to August 2019
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Which accounting assumption is violated in each case? (The accountant recorded income for the year ended 3 0 June 2019 of $1000 for a contract with a customer for services delivered during the months of May to August 2019. The board of directors resolved to wind up the company due to declining sales and falling profitability y. The balance sheet has all assets recorded at historic cost. The owner of the business took one of the cars used by the sales team home and gave it to his 18- year-old son to use while he was away at university. The car is listed as a business asset on the balance sheet. The owners of a multi-story office block recognize rent revenue when tenants pay their rent.
