phese friends may end up not paying her. For this, she intends to deduct $10\%$ of the value of thesRead the following passage, and then answer the questions that follow

Scenario

Mandy decided to start a business on January $1,2023.$ She did not have any previous experience,

but she was confident that she can make it in the restaurant business. She decided to start a

business with an initial investment of $$500000$ dollars in a business bank account. She decided

to offer both dining and take$-$out meal services and decided to give it her all.

During the month of January, she brought additional items into the business: her personal

car, her stove and a refrigerator valued at $$250,000,$$$20,000$ and $$80000$ respectively. She

arrived at the value of these items by considering the amount she bought them. On January $16,$ a

customer purchased $10$ meals that cost $$650$ each for which she wrote a receipt. She expects

payment for them at the beginning of the following month. At the end of the first week, her total

sales amounted to $$180000.$ She has a few friends that she allows to order$-$take$-$out meals on

credit and they have agreed to pay her at the end of each week. These sales total $$15,000.$ She

records these sales on the same day they are made. However, she thought to herself that some of

predit sales as the portion she may end up not getting.

On January $23,$ she decided to buy supplies for the upcoming week. These items include

Hour, rice, chicken, seasonings, carrots, cabbage, lettuce, beetroot and kale. She had bough

some similar items from the previous week and decided to use those items first and place the

most recently bought items in storage. Meal sales remained consistent throughout the three$-$

month period.

One day, a friend asked her how her business was doing. She told her friend that her

business was doing well. Her friend had a puzzled look on her face. However, Mandy simply

said $"$My restaurant is doing well."

On June $30,$ she decided to record the sales that were made during the month of:

Jan $$480000$ Feb $$540000$ March $$600000.$ She also decided to prepare a mini

balance sheet. Of note all fixed assets had depreciated by $10\%.$ However, they were all recorded

at book values. She wanted to prepare an income statement for the quarter ended March $31,2002.$

However, she failed to include the following items in her income statement: Rent, Insurance and

Wages. She did not think anything of this and proceeded to prepare for the next quarter. She also

used some of the weekly business earnings to pay her household helper.

Required

Define the following accounting concepts:

a$.$ Prudence

b$.$ Money measurement

c$.$ Matching

d$.$ Consistency

e$.$ Business entity

f$.$ Objectivity

g$.$ Materiality

h$.$ Full disclosure

i$.$ Historical cost

j$.$ Realization principle $(30$ marks$)$

$($a$)$ Use the case above to show evidence of Five $(5)$ of the accounting principles

mentioned being applied, or violated.