QUESTION 1 Farra set up an online business, K-Style Enterprise, selling Korean style clothes on 1 March 2020. The business receives an overwhelming response from the public due to growing K-pop fans in Malaysia. She is optimistic about her business outlook in the future. She utilizes every online business platform available in Malaysia to market and promote her business. Using her limited knowledge in accounting, she knows that all transactions are to be recorded in Ringgit Malaysia (RM), even though the business purchases goods mostly from overseas. She also decides to end her business accounting period every 31 December each year. The business's accounting policies of K-Style Enterprise include the following: a) Income is recorded when it is earned, and expense is recorded when it is incurred. b) The financial statements are prepared on a historical cost basis unless stated otherwise. c) The depreciation on tangible non-current assets is to be provided using the straight-line method every accounting period. As of 31 December 2020, K-Style Enterprise owned furniture of RM3,000, personal computers of RM7,000, closing inventory of RM20,000, cash at bank of RM35,000 and account payables of RM14,500. The business recorded a gross profit of RM45,000. The business also paid for utility bills of RM2,400, service charges of RM2,300, delivery expenses of RM1,800. There were unpaid utility bills of RM250. Required: a. Discuss briefly any five (5) accounting assumptions or concepts in relation to the above situation