Please help with questions 7 and 8(a-d) , all necessary information is provided!

Case Study Scenario: Perfect Plants Pty Ltd You are a team leader at Perfect Plants Pty Ltd who is a wholesale plant nursery based in the western suburbs of Sydney. As well as the wholesale business which includes a propagation facility where a select number of specialist varieties of orchids are grown, the business operates a retail shop. The following financial statements for 2019/20 financial year are provided. Use this information and further research to answer questions 7 and 8 below. Perfect Plants Pty Ltd Perfect Plants Pty Ltd Profit and Loss Statement For the year ended 30/6/209 Balance Sheet as at 30/6/20 $ $ Revenue Assets Retail Cash Sales 1,050,000 Current Assets Wholesale Credit Cash at Bank 200,000 Sales 5,450,000 Debtors 350,000 Interest Received 10,000 Inventory 550,000 1,100,000 6,510,000 Non-Current Assets Less Cost of Sales Land and Buildings 5,000,000 Equipment 1,000,000 Cost of Goods Sold 3,350,000 3,350,000 Vehicles 750,000 6,750,000 Gross Profit 3,160,000 Total Assets 7,850,000 Less Expenses Admin & IT 250,000 Liabilities Salary and Wages 1,055,000 Current Liabilities Creditors 915,000 Superannuateon 100,225 GST Payable 50,000 965,000 Interest Paid 200,000 Non-Current Bad Debts 100,000 Liabilities Depreciation 150,000 Loan XYZ Bank 4,000,000 Other Operating Total Liabilities 4,965,000 Expenses 634,775 Total Expenses 2,240,000 Net Assets 2,885,000 Net Profit Before Tax 920,000 Respresented by Shareholder's Equity: Income Tax Expense 201,000 Capital 2,766,000 Net Profit After Tax 469,000 Add: Current year profit 469,000 3,235,000 Less: Dividend paid 350,000 Total Shareholder's Equity 2,885,000Question 7 - Accounting principles Does Perfect Plants Pty Ltd use the Cash or Accrual accounting method? Explain how you can tell this from looking at the financial statements. Is the method appropriate given the business operations/type of legal structure? Provide a reference to support your response. Your response should be approximately 50 words.Question 8 - Key requirements of financial record keeping a. With reference to relevant legislative requirements, identify 4 specific legislation for which Perfect Plants Pty Ltd must comply for record keeping and auditing purposes (name the Act using the full and correct name). b. State 3 ways that a manager can keep up to date with legislation. c. The content specifially identified 2 types of audit that Perfect Plants Pty Ltd may be assessed. Name the audit and for each type, state the situation under which each would occur (how would it come about?), the purpose of the audit and the relevant records analysed for each. 1.d. Explain how figures in the financial reports are verified for audit purposes