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Basically, you are being asked to write two test problems. (not questions, but full problems). Come...

Basically, you are being asked to write two test problems. (not questions, but full problems). Come up with your own story for the accounting problem...feel free to be creative...and utilize one or more of the concepts from class. ALSO, make sure that you answer the problem(s) you have created as well.

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Answer #1

1st problem :- Time value of money = If any sale is made on credit basis revenue is recognised and profit is shown whether or not money is received, thus it ignores time value of money

Sol. By using discounting of income, we can somehow overcome this problem.

2nd problem :- Recording of assets at historical cost = for instance if I have purchased a land for 4 million in year 2010 then it will be shown in financial position as 4 million only even in year 2017 even if it's currently t worth as on 2017 is 12 million thus undermining the asset of the company thus not reflecting the true position of the organization.

Sol. We can make standard so as to value an asset periodically may be after every 2 year or if there has been a certain percentage of change in the current value of the asset.

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