3. The concept and qualitative characteristics of accounting are important in preparing financial reporting information. (a)Give justification for each identified accounting principle or assumption of each situation below. i. A piece of land was purchased in 2010 with a price of RM55,000. It is maintained in the accounting record at RM55,000 even though the equivalent amount of purchasing power in 2021 is RM160,000. ii. Mike bought his wife a car and recorded the transaction in its business records. iii. Yoyo Enterprise was established on 1 January 2020. The business closes the account every 12 months on 31 December of each year. iv. Leong did not record the utility expense bill amounting to RM2,000 received for February 2021 and only recorded the expense in the following month. v. Apollo Sdn. Bhd. has made changes in the inventory valuation method used. The company did not disclose the changes in the financial statements for the accounting period. (10) (b)Discuss the qualitative characteristics of useful accounting information