An Inexperienced Accountant for Can't Add Company Recorded the Following

question 14

Essay

An inexperienced accountant for Can't Add Company recorded the following transactions in the records of the company for the year ended December 31, 2021. The controller has questioned the appropriateness of the entries since she thinks that they have not been recorded in accordance with generally accepted accounting principles. Profit for the year, including the entries described below, is $ 200,000. Instructions
a) For each of the above entries, indicate the concept or constraint that was violated.
b) Determine the correct profit for 2021.

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Definitions:

Over-regularisation

A phenomenon in language acquisition where individuals, especially children, apply standard grammatical rules too widely, leading to errors.

Overextension

In language development, it's a child's use of a word in a broader context than is appropriate, indicating their learning process.

Fast Mapping

The rapid mental process by which children learn new words and concepts with minimal exposure.

Bilingual

The ability to speak and understand two languages fluently.