State the accounting concept/principle violated by each of the following case.
1. Due to stiff competition in the market, Abot Tiis Shipping Lines signed a contract to sell half of its first class ships to its competitor, Simplicio Lines. Abot Tiis refuses to report this undertaking.
2. A logging company was permitted to cut trees in Negros Oriental. The logging company did not keep any accounting records of its transactions which is the reason why yearly income/loss cannot be determined. The logging company stated it will determine its net income/loss after cutting all the trees in the area which will take more than ten years from now.

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25-06-2024
Business

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State the accounting concept/principle violated by each of the following case.
1. Due to stiff competition in the market, Abot Tiis Shipping Lines signed a contract to sell half of its first class ships to its competitor, Simplicio Lines. Abot Tiis refuses to report this undertaking.
2. A logging company was permitted to cut trees in Negros Oriental. The logging company did not keep any accounting records of its transactions which is the reason why yearly income/loss cannot be determined. The logging company stated it will determine its net income/loss after cutting all the trees in the area which will take more than ten years from now.

Sagot :

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