BE 1-4 BASIC ASSUMPTIONS AND PRENCIPLES © LOT-7 THEOUOH © LO1-9 Identify the accounting concept that was violated in each of the following situations. Astro Turf Company recognites an expense, cost of goods sold, in the period the product is manufactured. McClood Drug Company owns a patent that it purchased three years ago for
$2
million. The controller recently revalued the patent to its approximate market value of
$8
million. Philips Company pays the monthly mortyage on the home of its president Larry Crosswhite and charges the expenditure to miscellaneous expense.

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BE 1-4 BASIC ASSUMPTIONS AND PRENCIPLES © LOT-7 THEOUOH © LO1-9 Identify the accounting concept that was violated in each of the following situations. Astro Turf Company recognites an expense, cost of goods sold, in the period the product is manufactured. McClood Drug Company owns a patent that it purchased three years ago for

$2

million. The controller recently revalued the patent to its approximate market value of

$8

million. Philips Company pays the monthly mortyage on the home of its president Larry Crosswhite and charges the expenditure to miscellaneous expense.

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