1. Write a short note on “Going concern concept” and “Full disclosure”.
2. Use the accounting equation to analyze the following Transactions:
a) Mr. X invests $30,000 cash to start a new business, X limited, in return for stock.
b) The X limited purchased supplies for $ 2,500 and paid in cash
c) The X limited purchased equipment for $ 26,000 on account
d) The X limited paid $ 200 cash dividends to its owner.