For the following statements fill in the blanks.

a The concept recognises that each transaction conducted by a business will affect two items within the business.

b The concept dictates that information presented in the financial statements is prepared on the basis that the organisation will continue to operate for the foreseeable future.

c Only items of significance are included in the financial statements because accountants apply the concept.

d The concept dictates that a line is drawn between the business and its owner(s): the business and its owner(s) are two separate entities.

e The basis of accounting requires the non-cash effects of transactions and other events to be reflected in the financial statements for the accounting period in which they occur and not in the period when the cash is paid or received.

f The concept simply means that only items of monetary value can be recorded in a set of financial statements.