(xvi) An entity pays its annual county business permit of Ksh 120,000 in one payment each January. During the year, the entity's monthly statement of profit or loss reports permit expenses of Ksh 10,000. This is an example of the application of the (xvii) Accountants might recognize losses but not gains in certain situations. For example, the entity might write-down the cost of stock/inventory, but will not write-up the cost of inventory. The is associated with this action. (xviii)...... ..... principle requires an enterprise's financial statements to have notes containing information that is important to users of the financial statements. (xix) The listing of plant assets before current assets for manufacturing entities in the statement of financial position is acceptable under the (xx) The significantly higher amount. _requires an enterprise's statement of financial position to report its land at the amount the enterprise paid to acquire the land, even if the land could be sold today at a