Q$1.$ Vijay Madaan, owner of Sydney known distribution chainused the conventional method of recording transactions onpaper, now with the view of expanding business wants toknow importance of accrual basis of accounting and how itcan be effectively utilized to prepare different forms offinancial statements of an entity with quality.

Required:You are required to help him understanding the concepts ofqualitative reporting and what attributes in terms of qualitativecharacteristics of financial reporting system. Also explain tohim the advantagesanddisadvantages of using theseattributes.