1.1. Which attributes make information contained in financial statements useful to users of financial information. List and briefly describe (8) 1.2. Explain the concept materiality (2) Question 4 10 marks Bobby McFerrin is the chief accountant for Happiness (Pty) Ltd, a musical instruments business with a December fiscal year-end. As Bobby was preparing the 2020 financial statements for Happiness, she noticed several odd transactions in the general ledger for December. For example, rent for January 2021 , which was paid in December 2020, was recorded by debiting rent expense instead of prepaid rent. In another transaction, Bobby noticed that the use of Consumables was recorded with a debit to insurance expense instead of Consumables expense. Upon further investigation, Kathryn discovered that the December ledger contained numerous such mistakes. Even with the mistakes, the trial balance still balanced. Bobby traced all of the mistakes back to a recently hired bookkeeper, Worry McFerrin who is his son. Bobby had hired Worry to help in the accounting department over Christmas break so that he could earn some extra money for school. After discussing the situation with Worry, Bobby determined that Worry's mistakes were all unintentional. Required: 1. What ethical issues are involved? (2) 2. What are Bobby's alternatives? Which would be the most ethical alternative to choose (8)