1. (a) Conceptual Framework of Accounting emphasise on 'users of accounting information' rather than 'stakeholders of accounting information' whereas auditors issued audit opinion through audit report to the 'shareholders' of the auditee. Why do we require information about an entity's financial performance? (b) Going concern is simply the capability of the organization to run its operations sustainably. During COVID-19 outbreak pandemic, it is crucial to assess 'going concern' status of the organization. Explain how does COVID-19 affect 'going concern' of an organization. (c) Measurement is the process of determining the monetary amounts at which the elements of financial statements are to be recognized and carried in the statement of financial position and statements of profit or loss and other comprehensive income (Conceptual Framework). This involves the selection of a particular basis of measurement. A number of these are used at different degrees and in varying combinations in financial statements. Discuss the measurement basis of elements of financial statements in accordance with the IASB Conceptual Framework. 2. Tamim Consulting Ltd. began operations on October 1, 2020 and completed the following transactions during the month: (i) October 1, Issued 25,000 shares of Tk. 10 par value common stock in exchange for Tk. 250,000 cash and rented a furnished office for Tk. 30,000 per month to be paid at the end of each month. (ii) October 2, Purchased office furniture valuing Tk. 75,000 on credit. (iii) October 10, Provided consulting services for a client and immediately collected Tk. 95,000. (iv) October 20, Entered into a contract with a customer to provide consulting services in the next month for Tk. 100,000. October 30, Paid following expenses for the month: Office assistant salary - Tk. 20,000 Utilities bill Tk. 5,000 Requirement: Identify the specific accounts affected by each transaction and use the rules of debit and credit for the increases or decreases.