A friend asks you about whether GAAP requires companies to disclose forecasts of financial variables to external users. She thinks that information could be very useful to investors. Required: 1. What are the two primary qualitative characteristics of accounting information? 2. Does GAAP routinely require companies to disclose forecasts of financial variables to external users? 1. The two primary qualitative characteristics of accounting information are: 2. GAAP routinely requires companies to disclose forecasts of financial variables to external users In addition, you learn that the company incurred advertising costs of $28,000 in year 2, owed the advertising agency $5,300 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2