Al. The following data are extracted from the financial statements of Giant Limited and Wealth Limited for the year ended 31 December 2019. Ordinary share capital Bank loans, repayable on 1 June 2023 Operating expenses Non-current assets Trade receivables Trade payables Cash and bank Inventory, at 31 December 2019 Sales Cost of sales Giant Limited S'000 150,000 84,000 83,400 175,600 23,200 32,340 52,500 16,440 278,000 144,560 Wealth Limited $'000 150,000 90,000 95,160 194,120 77,930 121,640 7,230 82,360 366,000 204,960 Note: Giant Limited and Wealth Limited manufacture and sell similar goods in the same industry with a similar size and structure. Both companies buy and sell goods on credit A2 Consider the following two independent cases: (a) Health Limited recorded credit sales to a customer of $14,600 on 28 December 2019 in its financial statements for the year ended 31 December 2019. The amount of sales was subsequently paid by the customer on 15 January 2020. (b) Digital Limited uses straight-line method to calculate depreciation of non- current assets for all accounting years. Required: For each of the above cases, identify and explain the relevant accounting concept the company has applied