QUESTION 2 In preparing the accounts of your company for the year ended 31/12/2019, you were faced with several pr The problems were: a. The affairs of the business and the personal affairs of the owner should be kept entirely separate. b. A debtor who owes a considerable amount to the company is believed to be going into shutting dow c. Purchase of a fixed asset posted to the purchases account. d. At 30/6/2019, an amount is outstanding for rent that has been consumed during the accounting peri -. Although the selected technique of stock valuation calls for strict compliance, the principle does no required changes properly made and fully disclosed. A cheque issued in payment to a supplier is recorded only in the supplier's account. Due to prevailing factors, including economic, management realises that the long-run future of the is uncertain The assumption that for reporting purposes, the life of an enterprise can be divided into separate An invoice amount incorrectly copied to the purchases day book. The company owns some shares in a quoted company, which the accountant thinks are needless. Although the sale has not yet actually taken place, some reliable customers of the company ha several large orders that are likely to be extremely profitable. All fixed assets of the company would now cost a great deal more than they did when they we Burchased. Land that is acquired under hire purchase, the legal title has not been passed on to the compa mal payment is made. Ecountants should follow to the recognition of all expected losses without the acceptance o ns. cal te reversal ency Oncern on Original entry Objectivity Principle Substance over form Prudence Accrual Business entity Single entry Periodicity Full disclosure counting concept or error you would follow in dealing with each of the problems abc QUESTION 2 In preparing the accounts of your company for the year ended 31/12/2019, you were faced with several pr The problems were: a. The affairs of the business and the personal affairs of the owner should be kept entirely separate. b. A debtor who owes a considerable amount to the company is believed to be going into shutting dow c. Purchase of a fixed asset posted to the purchases account. d. At 30/6/2019, an amount is outstanding for rent that has been consumed during the accounting peri -. Although the selected technique of stock valuation calls for strict compliance, the principle does no required changes properly made and fully disclosed. A cheque issued in payment to a supplier is recorded only in the supplier's account. Due to prevailing factors, including economic, management realises that the long-run future of the is uncertain The assumption that for reporting purposes, the life of an enterprise can be divided into separate An invoice amount incorrectly copied to the purchases day book. The company owns some shares in a quoted company, which the accountant thinks are needless. Although the sale has not yet actually taken place, some reliable customers of the company ha several large orders that are likely to be extremely profitable. All fixed assets of the company would now cost a great deal more than they did when they we Burchased. Land that is acquired under hire purchase, the legal title has not been passed on to the compa mal payment is made. Ecountants should follow to the recognition of all expected losses without the acceptance o ns. cal te reversal ency Oncern on Original entry Objectivity Principle Substance over form Prudence Accrual Business entity Single entry Periodicity Full disclosure counting concept or error you would follow in dealing with each of the problems abc