By making reference to the Conceptual Framework of Accounting answer the following question: Q1:Explain the concept of monetary unit assumption and why its important for financial reporting? Q2:Explain the concept of economic entity assumption and why it's important for financial reporting? Indicate the consequences on financial reporting if this assumption turns to be invalid . And what the implication on financial reporting. Q3: Explain the concept of periodicity assumption and why it's important for financial reporting? Indicate the consequences on financial reporting if this assumption turns to be invalid assumption. And what the implication on financial reporting. Q4:explain the concept of going concern and why it's important for financial reporting? Indicate the consequences on financial reporting if this assumption turns to be invalid assumption. And what the implication on financial reporting. Q6: Omitted Q7: Omitted Q8:A)why the faithful representation is very important to users of financial statement ? B)what is the major purposes of financial reporting? Q9:A) omitted B)Explain the fair value option under IAS. And when related unrealized gain or loss should be reported (provide two examples). C)Provide two examples of assets and liabilities reported at fair value under FASB and how the related unrealized gain or loss should be reported(include in your discussion the justification for this reporting practice). D) Explain the full disclosure principle and its importance for financial reporting and users of financial statement