Identify the accounting concept/principle for each situation (e.g., separate entities, historical cost etc) and give explanation for your answer:

i. Maria owns a small business in Klang Valley since October 2018. At 30th September 2019, i.e. after a year, she prepared the accounts for the business which showed a net profit of RM35,000.

ii. Maria only takes into account all transactions relating to her business, ignoring her personal financial transactions.

iii. Marias business made a credit sale to PKN Sdn Bhd amounted to RM7000 in July 2019. PKN only paid RM3000 at the time the sale is made but Maria recorded the transaction as credit sales account RM7,000.

iv. The amounts shown for car and computer in the Statement of Financial Position (or balance sheet) for Marias business were based on the amount she paid to acquire them.