(a) Identify the accounting concept that best reflect the following description.

i. Due to an emergency, Emily withdraw money from her business for personal usage. This withdrawal is recorded in the drawing account.

ii. Benjamin Sdn Bhd has been using the straight-line method for depreciation of motor vehicles for the last 3 years.

iii. Expenses are reported in the income statement in the month in which they are incurred.

iv. For every business transaction, the accountant recorded a minimum of two accounts, where the debits must be equal to the credits.

v. Adipati Holdings bought a new company with the assumption that the company can run for a foreseeable future.

vi. The Metro company purchased a tract of land for RM25,000 in 2005. Because of inflation, the worth of the tract of land is now RM40,000.

vii. herbal medicine company purchases a piece of land for growing herbs on it, paying RM25,000 in cash. Although the market price of the land has significantly increased, the amount entered in the balance sheet continue unchanged at the cost of RM25,000.

viii. The provision for doubtful debts is reported in the receivables section of current assets and is deducted from the final figure of debtors/receivables.

ix. Muhibah Trading decide to do a closing of financial records for the month of June.

x. All item under RM250 that purchases for business purpose will be recorded as an expenses