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Wages (E) Level of production (units) Above graph shows: Total Cost 10) Step Cost (c)...

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Accounting

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Wages (E) Level of production (units) Above graph shows: Total Cost 10) Step Cost (c) Sales (d) Semi-variable Cost 5 marks 3. (X): the assumption that a business should use the same accounting procedures and standards for the current accounting period as well as future accounting periods (Y): Income and Assets should not be overvalued and Expenses and Liabilities should not be undervalued. (X) (Y) (a) Going concern Periodicity (b) Consistency Accruals (c) Periodicity Going concern (d) Consistency Prudence

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