flextech ltd is in the manufacturing business. It has just purchased an equipment. The company received an invoice for $76000, but the company did not expect such an amount for the asset. So the management was in the process of negotiating with the suppliers on the price. The negotiation was ongoing and by the end of the accounting period, they were not able to arrive at an agreed price. The accountant therefore did not record the transaction in the books of the company.

what accounting concept is this ? is the concept used properly ?