Question 1 Explain the qualitative characteristics of financial information as detailed in IASB Conceptual Framework and demonstrate how these characteristics are useful to the users. (120 words) Question 2 Ramlee Burgers Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. The following information is obtained from Ramlee Burgers' Ltd's payroll records and actuarial reports for its retail staff at 30 June 2023. Unit % expected to Annual No. of Yield on HQ credit (years) No. of become entitled salary per years until corporate employee vesting bonds employees 1 80 20 $50 000 9 10% 2 70 30 $50 000 8 9% 3 50 4 30 650 50 $50 000 7 9% 60 $50 000 6 9% Additional information The estimated annual increase in retail wages is 1% p.a. for the next 10 years, reflecting expected inflation. The provision for long service leave for retail staff at 30 June 2022 was $42, 000. No employees were eligible to take long service leave during the year ended 30 June 2023. Required Prepare the journal entry to account for Ramlee Burgers' Ltd's provision for long service leave at 30 June 2023. (Use attached NPV table to check the respective required factors)