Answer the following questions. (7*2) 1) Which organization initiated the convergence process between GAAP and IFRS and why 2) Why sometimes soft assets can be more important that hard assets? 3) Mr. Tee ordered two computers which he is going to receive after 1 month. He is going to pay for the computers after their arrival. Besides, one of this computer is for his personal use at home. Should Mr. Tee record this transaction in the accounting book of the business? Give your explanations. Which accounting principle or assumptions should we apply here? 4) Evergreen Co. has a land which he has purchased at the cost of $85,000. Currently the value of the land has been appreciated by $30,000. Should evergreen recognize any loss or gain in the income statement? Give your explanations. 5) Which method to account for allowance for doubtful account is better according to you and why? 6) Lawrence Co. restricted 50% of its retained earnings for further expansion of the business. What do we call this restriction and how should we report this? 7) What is the normal balance for bank overdraft and why?