Please answer Q3.

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Q3. Discuss the following a) Why in a market a firm announces earnings but its price may go down? b) Why in a market a firm announces losses but its price may go up? c) In an efficient market can the future prices be predicted? Q4. Do you think "Fair Value better reflects economic reality of a firm than Historical Cost"? Q5. Do you think applying appropriate accounting standards can capture true economic picture of an entity? Q6. Why the market efficiency assumption is important with respect to accounting information? Q7. Why regulators allow managers/firms to use different accounting methods