Question: (1) Explain one of the five accounting assumptions when preparing financial statements. Support your explanation with real life case(s) to illustrate how this assumption is

(1) Explain one of the five accounting assumptions when preparing financial statements. Support your explanation with real life case(s) to illustrate how this assumption is applied. (10%)

(2) Explain one of the five financial reporting working rules. Provide a financial reporting example to illustrate this working rule. (10%)

(3) Explain your understanding on all the qualitative characteristics of information in financial statements with reasonable structure. Choose three conventions, and provide detailed explanation and examples for each convention using real life financial reporting cases. (30%)

Please include references and citations for the answers.

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