liabilities decreased by G (3 marks) b) State the accounting concept or convention that best explains each of the following statements: i. Revenues and income are recognised as earned when goods are sold or services rendered, and not when money is received. (2 marks) The accounting treatment of like items must be applied from one period to another (2 marks) ii. iii. A business will not lay claim to any profits before they have been earned with reasonable certainty but will anticipate future losses and make provisions for such losses. (2 marks) iv. Matters indicated in accounting statements should be based on facts not opinion. (2 marks) Assets = Lt of Assets 250, ow OF = 100,oo Asset(now 280, ww A = act of 9