Complete the following statements:
■ Although the staff who work in a business are often regarded as one of its most valuable assets, they are not included in the business balance sheet. This is an example of the …………………….. concept.
■ The petrol in the tank of the delivery van, worth £8.50, has not been recorded in the business balance sheet. This is an example of using the concept of ……………. .
■ The closing stock has been valued at net realisable value because this is lower than the cost of the stock. This is an example of the ……………….. concept.
■ The owner is using 10% depreciation on all fixed assets in the business because fixed assets have always been depreciated using this percentage. This is an example of the concept of ……………… .