Each of the concepts and principles underlying the recording of accounting transactions is incorrectly stated below. Correct each of the statements.

(a) The going concern principle states that if the business will remain in operation for the foreseeable future, assets should not be recorded at cost but at the amount they can be sold for. This will provide current and future investors with more up-to-date information to be able to assess future profitability.

(b) The full disclosure principle requires that any circumstances and events that might be of interest to financial statement users should be disclosed in the financial statements.

(c) The accounting entity concept states that the personal transactions of the owners should be accounted for separately from the entity’s transactions, unless the entity is a sole trader or a partnership as they are not separate legal entities.