Which of the following statements is/are not correct Please Note: The following question has more than one correct answer, you need to select all of them to gain marks.Required to answer. Multiple choice.

(3 Points)

Materiality means that only items having a physical existence may be recognised as assets

The substance over form convention means that the legal form of a transaction must always be shown in financial statements even if this differs from the commercial effect

The accruals basis means that sales are recognised in the accounts as they occur and not when the cash is received

All of them