Accounting Principles and Reporting Essentials

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? Personal transactions of the proprietor are distinguished from business transactions.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? A company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's share price.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? The current fair value of the factory building is RM180,000. The company recorded the factory building at the original cost of RM250,000.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? All payments less than RM10 are expensed as incurred.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? If a company decides to not report certain data in its financial statements due to the high cost of preparing financial statements.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? The company employs the same inventory valuation method from period to period.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? Rent paid in advance is recorded as prepaid rent.

Which accounting assumption, principle, information characteristics or constraint most applies to this situation? Prepare financial statements at least once a year.

Kwason Bhd has a contract for a special event for Semporna Bhd, where 40% of the contract amount has been paid by Semporna Bhd. This is recorded as RM 30,000 in Kwason Bhd's revenue, which accounting principle is violated here?

Kwason Bhd rents a one-storey building to store their corporate event appliances, the next 12 months of rent is covered by the RM18,000 payment. Kwason Bhd recognized the RM18,000 as an expense. Which accounting principle is violated here?

Kwason Bhd bought a motor vehicle for RM145,000, after two years of use it decided to change the depreciation method from a straight-line basis to a reducing balance method at the rate of 15%. Which accounting principle is violated here?