Please Answer in Detail
Question 01: Qualitative characteristics ofaccounting information relates to the second level of conceptualframework. Discuss in detail, the primary qualitativecharacteristics relating to the content and presentation ofinformation with particular emphasis to their importance.
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Question 02: Financial statements preparedunder historical cost convention do not have regard for changes inprice levels and therefore do not reflect financial realities.Discuss six limitations that statements prepared by historical costaccounting possess that reduce their utility to the users.
