Question One: (50 Marks) It is often argued that the purposes or functions of financial reporting are not as simple and unified as proposed in the basic accounting textbooks or advocated by some professional bodies / accounting academics. You are required to: A. Discuss and demonstrate the various possible functions of financial reporting that are more commonly observed in real life business practices (25 marks) B. Among the possible functions of financial reporting that you have mentioned in part (A) above, which function in your opinion is the most important or significant function for financial reporting purpose (13 marks) C. Similarly, which of the functions in your opinion is the least important or significant function for financial reporting purpose (12 marks)