Explain any TWO of the following FOUR statements : 1) Unlike accrual basis, cash basis is not considered an acceptable method under GAAP/IFRS. 2) Assets are classified into 5 categories. Explain while giving examples. 3) What is the key reason of identifying a transaction as resulting in a revenue or a gain? 4) Explain only TWO of the following assumptions: business entity, going concern, time period, monetary unit, materiality, historical cost, conservatism, matching, and consistency. Paragraph B 1 EP 2 I II DELL