Question $1$

a$)$ Describe comparability qualitative characteristics of accounting information and

explain how the characteristic is useful in interpreting the financial statements.

b$)$ The following transactions of Fresh Trading occurred in January $2024$:

i$.$ Fresh Trading paid an insurance premium for six future months' worth of

coverage.

ii$.$ Fresh Trading's building is presented at a cost value of RM$480,000$ although

the market value is RM$450,000.$

iii. Fresh Trading received a shipment of goods from Indonesia. The invoice is

stated in Malaysian Ringgit.

You are required to identify and justify each transaction to the applicable

accounting principles$/$assumptions for recording and reporting purposes.