1.1.10 A statement of financial position is a financial report that determines and shows the A. Financial position of an entity during an accounting period. B. Operating performance of an entity during an accounting period. C. Financial position of an entity at a specific point in time. D. Operating performance of an entity at a specific point in time. 1.2 Answer the following questions. 1.2.1 The format recommended by the International Financial Reporting Standards for the preparation of a statement of profit or loss and other comprehensive income calculates and shows the "gross profit" and the profit for the year". Write a brief description and explanation of these two terms. Also discuss whether you think the "profit for the year" can be greater than the "gross profit". Provide reasons for your answer. (5) 1.2.2 The conceptual framework is the foundation that enhances the International Financial Reporting Standards (IFRS). Included in the framework is the definition of each of the elements. With reference to the IFRS; 1.2.2.1 Provide the definition of an expense. (3) 1.2.2.2 Is the withdrawal of assets by the owner of the business in the form of "Drawings classified as an expense? Motivate your answer with a brief explanation (2) 1.2.2.3 The framework identifies certain qualities that make the information presented on financial statements more useful to the users of financial statements. List at least two fundamental characteristics and three characteristics that