(iii) An annual insurance of RM120,000 was paid by the company on 1 September 2019. As at the financial year end, the accountant prepared only the following journal entry. Dr Prepaid insurance 120,000 Cr Cash 120,000 REQUIRED: Explain if the above scenarios violate the qualitative characteristics, assumptions or principles under the Conceptual Framework. Your answer should be supported with (any) correct journal entry as at 30 September 2019