x IB F C Question 3 Not yet answered Marked out of 3.00 P Hog question Given below are two scenarios that suggest the use of certain concepts of accounting or the qualities of financial reports. For each of the two identify the correct concept/quality and determine its importance in financial reporting by giving a valid reason. (a) Bill Rogers has three different businesses. He has only one bank account for transactions relating to all of his various businesses. Which concepts or principles of accounting is Bill violating? (1.5 marks) (b) This quality of financial reporting states that a company must perform proper accounting only for items that are significant to the business's financial statements. (1.5 marks) A BI K 114 O