Required: (a) Explain clearly what is meant by: (i) the historical cost convention; (ii) the going concern convention. (b) Does traditional financial accounting, using the historical cost convention, make the going concern convention unnecessary? Explain your answer fully. (c) Which do you think a shareholder is likely to find more useful - a report on the past or an esti- mate of the future? Why? (Association of Chartered Certified Accountants)