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Required: Answer the following questions: Explain what is meant by the reporting entity concept. (2 marks) [Answer here] Explain the 4 enhancing qualitative characteristics of

Required:

Answer the following questions:

  1. Explain what is meant by the reporting entity concept. (2 marks)

[Answer here]

  1. Explain the 4 enhancing qualitative characteristics of financial information in general purpose financial reports. (4 marks)

[Answer here]

  1. Why is ethics important for the accounting fraternity? Explain. (4 marks)

[Answer here]

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