5. The business owner paid for his family insurance expenses using the business money and recorded the transaction in the business's insurance expense. The business owner violated concept A B C. D Business entity Materiality Going concern Periodicity 3 6. The items of non-current assets include A B. C D. Cash in hand, inventory, and account receivables Machineries, motor vehicles, and account payables Freehold land, long-term investment, and patents Fixtures and fittings, capital, and stationery 7. represent the business's financial obligations that require settlements of more than one year. A. B C D Non-current assets Non-current liabilities Owner's equity Expenses 8. The business purchased a machinery worth RM15,000 on credit from Trex Machinery Sdn Bhd. Determine the effect of this transaction on the accounting equation. A B C D. Increase in asset and decrease in asset. Increase in asset and decrease in liability Increase in asset and increase in liability, Increase in asset and increase in owner's equity