Question: 2(5 marks) Answer the following questions: 1. What is the advantage of having a single set of accounting standards used worldwide? 2. For a U.S. Multinational Corporation, what are the steps required for consolidating the financial statements of foreign subsidiaries? 3. Many countries have recently liberalized their investment laws. What is the primary reason for these actions? 4. Assume that ABCO is a U.S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABCO report its consolidated financial statements