Question 1 (30 Marks) a) A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal. Based on this statement, the new accounts executive confidently presented the company's quarterly financial statements to his accounts manager by stating that the financial statements are correct and complete. However, his account manager disagreed with his statement and would like to check again his work Explain 5 reasons to support the account manager disagreement with the new accounts executive regarding his statement on the trial balance. (10 marks) b) Explain the importance of enhancing qualitative characteristic in preparing the financial statement. (10 marks) c) Many sole proprietorships and small businesses use cash basis accounting; however, accrual basis accounting is the method of accounting most corporations and professionals are required to use by Malaysian Accounting Standards Board (MASB). Explain 4 reasons why corporations are required to use accrual basis accounting compared to cash basis accounting.