Glen set up a business named Nik Trading, selling plastic products. All transactions are recorded in the common monetary unit, namely dollars and cents, supported by source documents. (i) Name the TWO (2) accounting concepts for the above statement. (2 marks) (ii) Give ONE (1) reason for the importance of each concept. (2 marks) (iii) Nik Trading adopts the historical cost concept when recording transactions. Outline ONE (1) advantage and ONE (1) disadvantage of historical cost accounting. (2 marks)