QUESTION 1 (20 marks) a) Discuss why preparation of accounting is subject to managerial discretion AND its implication b) Analyse the internal AND external measurements that able to limit the exploitation of managerial discretion practices QUESTION 2 (15 marks) a) What is Financial Statement? b) Distinguish Statement of Financial Position and Statement of Comprehensive Income QUESTION 3 (15 marks) a) Discuss the criteria for classifying lease by lessee. b) Analyse the accounting entries for lease AND the its impact if wrong classification of leases