The following is a list of problems which an accountant may well meet in practice: (a) The transfer fee of a footballer. (b) Goods are sold in one period but the cash for them is received in a later period. (c) The proprietors personal dwelling house has been used as security for a loan which the bank has granted to the company. (d) What profit to take in the third year of a five-year construction contract. (e) Small stocks of stationery held at the accounting year end. (f) Expenditure incurred in working on the improvement of a new drug. Required: 1 Which accounting rule would the accountant most probably adopt in dealing with each of the above problems? 2 State the reasons for your choice