S03.s1 - Solve Exercises - Accounting Principles-1
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ScribdTranslationsS03.s1 - Solve Exercises - Accounting Principles-1
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ScribdTranslationsACCOUNTING STANDARDS PRACTICE
Form groups as instructed in class and upload your work.
Answer the questions, stating the accounting standard that is affected.
The company acquires machinery to process the leather for a shoe.
Does it respect any accounting principle?
It is respected. Principle 1.2. as long as the machine is for company use and that
It is useful for the production of properly declared objects.
The majority shareholder acquires with company funds, acomputerfor your
house.
What accounting principle does it violate?
It violates principle 1.22 regarding the extent to which the management of the reporting entity has
fulfilled efficiently and effectively its responsibility over economic resources.
3. Juan Álvarez, on service commission, is given S/. 1,000.00 for his
expenses charged to an accountability upon their return, with invoices and receipts in the name of
from the company (Properly substantiated expenses). Upon his return, Juan submits his invoices.
and they include a spending for lunch and alcoholic beverages, which are
sustaining its surrender.
Is Juan's surrender correct?
if the accountability of Juan is correct. Because he justifies what he used the
economic resources that were provided to him.
- Do you think that any document cannot be registered?
- All documents can be registered as long as the consumption of beverages
has been authorized by the company.
- What principle does it violate?
It violates the principle of entity.
4. The company's management requests a record of the last three months to know the
financial situation of the company.
What accounting principle are we talking about?
Financial performance reflected by past cash flows.
It is based on the principle of exposure because it indicates that it involves formulating
the financial statements in a comprehensible form for users.
5. The NIKE brand is recognized and preferred by the public.
- Is this product a material or immaterial good? It is a material good.
- Does it adhere to any accounting principle? The principle of economic goods that establishes
that economic goods are all those material and/or immaterial goods that
they can be valued in monetary terms.
6. The company TEXTILES S. R. L. acquired a machine for making sweaters, which cost
$15,000.00, as it was imported from the USA, $4,500.00 was spent on freight and insurance, expenses
customs S/.8,000.00, intransportofcustomsto its plant S/ 1,500.00 and to fix and
Preparing the machine at the company for operation cost S/.1,900.00;
so, in the company's financial statements, the valuation of the machine will be
S/.30,900.00.
- How did we deduce this value?
- Does it obey any principle? Support your answer.
7. The consumption oftelephonethe month of December is paid in the month of January, given that the
receipt just arrives in January. However, the consumption must be accounted for as an expense
telephone
The phone consumption for the month of December is paid in January, given that the
receipt just arrives in January. However, the consumption of should be accounted for as an expense
telephone
In which month is that expenditure accounted for? Once the invoice or receipt of the consumption is issued.
The phone is accounted for; however, the time that elapses until making the payment once
the expense is accounted for as the period of realization
-
What accounting principle supports this accounting?
The accrual principle recognizes a transaction when it occurs.
-
I collect an invoice for s/. 18,000.00 in cash.
Solution:
What is the income?
What comes out? Answer: Invoice to collect.
In this small example, we say that the accounting equation of double entry is given,
then we will say 'there is no debtor without a creditor nor creditor without a debtor'
- What accounting principle is giving rise to this operation?
The principle of double-entry accounting is being applied, which allows for a balance between entries and
outputs in a company
9. For the following case, identify the accounting principle COST or VALUATION AT COST and
support your answer.
a) The company purchases goods for the value of S/. 1,000 + 18% of the VAT
b) The company buys furniture and equipment for the value of S/. 2,000 + 18% of the IGV
In this example, the principle of cost valuation can be observed, as due to the
The company's acquisitions must take into account the cost of acquisition.
10.a) The company ABC presents its results inthe stateof Profits and Losses for the
exercise ended on December 31, 2019 expressed in thousands of soles, of the following
form:
Income - Expenses = Result
S/. 20,000 - S/. 15,000 = S/. 5,000 of Profit
b) Company ABC presents its financial situation in theBalance Sheeton the 31st of
December 2019 expressed in thousands of soles, in the following way:
Assets = Liabilities + Equity
S/. 20,000 = S/. 8,000 + S/. 12,000
Explain the accounting principle that is shown in these cases.
The principle of objectivity is presented, which allows for the recording of changes in assets.
and liabilities, which must be measured and recorded appropriately.
