B. Accounting concepts refer to the principles upon which the process of accounting is based. Most accounting concepts are derived from conceptual framework and Philippine Financial Reporting Standards (PFRSs). However, some of them are implicit, meaning they are not expressly stated in the framework nor PFRSs but are generally accepted because of their long-time use in the profession. Give at least 10 accounting concepts/principles and explain each of them. C. Five interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are Assets, Liabilities, Equity, Income and Expenses. Instructions. Identify the element(s) associated with the nine items below. a. Obligation to transfer resources from a past transaction. b. Increases ownership interest c. Declares and pays dividends to owners d. Increases in net assets in a period from non-owner sources e. Items characterized by service potential or future economic benefits f. Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. g. Residual interest in the assets of the enterprise after deduction its liabilities. h. Increases assets during a period through sale of products. i. Decreases assets during the period by purchasing the company's own share D. Logitech Company has an asset that is required under PFRS to be measured at fair value. The asset is sold in two different active markets. Logitech Company has access to both of these markets. Information on these markets is shown below: Market Price Transaction Costs Transport Cost Active Market #1 Active Market #2 130 125 15 5 10 10 Required. Compute the fair value of the asset for the following assumptions: a. Principal Market. Assume that market #1 is the principal market b. Most advantageous Market. Assume that neither market is a principal market