4 points Sau True Blue Ltd is reviewing its accounting policies and estimations. Detailed below are its current policies and estimations. Using these current policies, the company's calculated profit figure is $840 000 Current Alternative Depreciation rate for plant and equipment with a cost 20% straight-line 50% diminishing balance price of $600 000 and residual value of $100 000 Accounts receivable impairment 2% of gross accounts receivable 5% of gross accounts receivable Accounts receivable (gross) $200 000 Development expenditure $40 000 expensed $40 000 capitalised Required: What would True Blue Ltd's profit be if the alternative accounting policies and estimations are applied? (2 marks) b. As a user of financial statements, critique why accrual accounting is preferred to cash accounting to measure financial performance 12 marks) a