For each of the following business transactions or events, indicate the name of the convention or doctrine that applies.

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Business transaction or event 1 Annual accounts were prepared. 2 The business pays amounts owed, through the business bank account. 3 The business expects to remain in existence into the foreseeable future. 4 The business will be a law-abiding entity. 5 The payment of hockey fees for the owner's child is not a business expense. 6 The price of cars has increased from what the business paid last year. 7 The business was unsure how to record in its books the sale of goods to overseas, as the invoice was required to be in US$. 8 The business commenced in January and wanted to prepare its accounts in line with the fiscal year. 9 Almost identical land and buildings next to the one owned by the business were sold for $30000 more than the business had paid for its own premises three years earlier. 10 The business valued its inventory this year in the same way it had valued it last year. 11 The business explained in its report the effects of changing the way it valued its inventory this year from the one used in previous years. 12 The loss on the sale of machinery was shown separately from the cost of maintaining and running all machinery during the year. 13 The $75.00 inventory loss was not treated as a separate expense. Name of convention or doctrine