two sentences explaining your answer. The following actions are being carried out by Charles Smith. Do you agree with the decisions taken? Name the relevant accounting concept/(s) violated or complied with in each situation. Explain your answer. (a) In order to poitray a more favourable picture of his firm, Charles Smith chose to record in his book the market price of his van of $35,000 over the original cost price of $25,000. (b) In order to increase the profit of his business, he chose not to include the expense for rent of $6,000 in his Profit and Loss Account because this amount had not been paid. (c) Premium of his life insurance of $1,000 was recorded as an expense of his business because it was paid with the company's cheque. (d) He had paid $1,500 as insurance premium for his shop, of which $300 was for the first quarter of the ensuing accounting period. Since this was paid in the current accounting period, he assumed that the total premium paid should be considered a current year expense