QUESTION 3 For each of the scenario below, state which accounting principle or concept is being applied. (a) Annie owns a shoe shop. Another shoe shop opens nearby. Annie thinks this will reduce her sales and profit, but she does not enter this in her accounting records. (b) A piece of land bought in Year 2001 for 10,000 was recorded at that price even though it was valued at 150,000. (c) The cost of a dust bin in an office is treated as an expense instead of recording it as an asset and depreciating it over its useful life. (d) A trader has included rent which is due but not paid in his Statement of Profit or Loss. (e) The balances in a sales ledger total 16,000. A debtor owes 800 is known to be in financial difficulty. The figure of debtors shown in the Statement of Financial Position is 15,200. (10 marks)