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2) State three objectives of financial statements. (3 marks) 3) State four limitations of financial statements. (4 marks) 4) Describe the steps involved in the

2) State three objectives of financial statements. (3 marks) 3) State four limitations of financial statements. (4 marks) 4) Describe the steps involved in the promulgation of accounting standards by the IASB. (12 marks) 5) What is theory? (2 marks)

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