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Q#02: Answer each question briefly. Give relevant examples in support, where applicable. (15) a) Why closing entries are required for a company and which type of accounts are to be closed at the end of the year? Explain. b) How trial balance helps is determining the accuracy of recording process? Justify. c) Why dividend is not treated as an expense in the recording process and is closed directly to the Retained Earnings account? d) What is the mechanism of differentiating accounting bases? In your opinion, which accounting basis is applicable in non-financial sector of Pakistan for recording the transactions? e) Why going concern declaration is mandatory requirement for the companies to be included in notes to the financial statements. 1) What is the importance of accounting standards in preparation and dissemination of financial information to the stakeholders? In your opinion, which accounting principles are more important and relevant for understanding the financial statements, and why? g) Which professional and regulatory bodies are active in formulation and implementation of accounting standards in Pakistan? Suggest some appropriate mechanism by which the accounting standards in Pakistan may be aligned with international accounting and reporting standards. h) What requirement is imposed by double entry system in the recording of any business transaction? i) How the concept of materiality is different from other conventional accounting concepts? If an item is not material in nature, how is the item treated for financial reporting purposes? 1) What is the significance of auditor's opinion and notes to financial statements for different stakeholders of a company