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Answer all questions Section A 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. How are materiality (and immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the presentation of a financial statement? 3. What are the enhancing qualities of the qualitative characteristics? What is the role of enhancing qualities in the Conceptual Framework? 4. Under what conditions should an item be recognized in the financial statements? 5. What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost benefit factors that should be considered when new accounting standards are being proposed. 6. Muruyama Group switches from FIFO to average-cost and then back to FIFO over a 2-year period. Which qualitative characteristic of accounting information is not followed? 7. Watteau Inc. does not issue its first-quarter report until after the second quarter's results are reported. Which qualitative characteristic of accounting is not followed? 8. Nadal Company has attempted to determine the replacement cost of its inventory. Three different appraisers arrive at substantially different amounts for this value. The president, nevertheless, decides to report the middle value for external reporting purposes. Which qualitative characteristic of information is lacking in these data? Section B Traditional Fruits Ltd, a Herefordshire based fruit bottling and canning company, is looking to expand its operations. The directors are hoping to increase the range of preserved fruit products and in doing so will need to invest in new equipment. They are also hoping to open a new facility in the South East near to the fruit farms of Kent and Surrey. The finance director has been asked to prepare a rsum of the financial performance of the company in order that possible providers of finance can assess the future potential of the company. The finance director wants to address all issues in her rsum and has asked for your assistance. Requirements Prepare brief notes for the finance director, addressing each of the following and using the Conceptual Framework as a source of reference. (a) Identify potential providers of finance for Traditional Fruits Ltd and their information requirements in respect of financial statements. (b) Explain the terms 'performance' and 'position' and identify which of the financial statements will assist the user in evaluating performance and position. (c) Indicate why, for decision-making purposes, the financial statements alone are insufficient