Class Activity-Lesson 1. You are required to answer the following questions. You will upload your work preferably as a PowerPoint with slides not exceeding 10. The cover page must indicate the names and student numbers of the group members. The completed assignment should be uploaded to the course area in the "Class activity 1" folder. For question 5.2 attached in this assignment, you are advised to use excel to draw the respective ledgers. Your work must be uploaded in editable format ONLY. Deadline: Upload your work on or before Wednesday, 6th December 2023 on or before 16:00hrs Question 1 With examples explain the role and purpose of the following with regard to financial reporting: a) IAS-Internationally accepted accounting standards b) IFRS-International Financial Reporting Standards c) GAAP-Generally Accepted Accounting principles d) What is the role of stock markets such as the Amsterdam stock exchange? e) Explain the nature and differences between raising capital through the sale of shares(share capital) and loan capital (Debenture shares)? f) The IASB-International Accounting Standards Board g) The conceptual Framework and accounting policies h) Explain the different types of shares, their advantages and disadvantages to the issuing mpany 5.2 Easy Heart Ltd has an authorised capital of 800,000 comprising ordinary shares of 1 each. The shares were issued at par, payments being made as follows: Payable on application Payable on allotment First call Second call Per share 20p 28p 27p 25p Applications were received for 1.08 million shares. It was decided to refund application monies on 80,000 shares and to allot the shares on the basis of four for every five applied for. The 40,000 excess application monies sent by the applicants whose applications were successful are not to be refunded but are to be held and so reduce the amount payable on allotment. The calls were made and paid in full with the exception of two members holding a combined total of 5,000 shares who paid neither the first nor the second call and another member who did not pay per share. the second call on 2,000 shares. The shares were forfeited and reissued to H Vipond at a price of 80p You are to draft the ledger accounts to record the transactions.