Comment critically on the following statements.

(a) ‘ Charging a depreciation provision in the income statement ensures we will have funds to replace the relevant non-current asset.

(b) ‘ The balance sheet measures the value of a business because it lists the values of all the assets and then deducts the liabilities to deduce the net business value. ’

(c) ‘ An accrued expense is one that should be charged in next year’s income statement. ’