Q$.5$ Identify and mention Accounting Concepts and Conventions for the below statements. $1.$ There is neither the intention nor the necessity to liquidate the particular business venture in the foreseeable future. $2.$ The personal assets of the owners or shareholders are not considered while recording and reporting the assets of the business entity. $3.$ The fixed asset will be recorded at cost at the time of its purchase but may systematically reduce its value by charging depreciation. $4.$ The principle of valuing the stock at cost or market price whichever is lower should be followed year after year to get comparable results. $5.$ The accountant should not anticipate income and should provide for all possible losses. $6.$ The decision of whether the transaction is material or not should be made by the accountant on the basis of professional experience and judgment.