Question:1 (short answer) Read each of the independent situations and answer the questions as follows. Your answer must be brief. [Marks: 4) a) TOM Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, TQM reports the buildings at fair value in its accounting reports. Which accounting assumption/ principle supports the method used? b) Kingston Company includes in its accounting records only transaction data that can be expressed in terms of money. What accounting assumption / principle supports this idea? c) Ibrahim is the proprietor (owner) of Ibrahim's, a retailer of golf apparel. When recording the financial transactions of Ibrahim's, Ibrahim does not record an entry for a car he purchased for personal use. Ibrahim took out a personal loan to pay for the car. What accounting concept guides Ibrahim's, behavior in this situation? d) Adnan's Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200.000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Adnan withdrew $50,000. What was Adnan's Owner's Capital balance at the end of the year