Question: 1. Please discuss that why the users asked that quality of financial reports should be good. 2. Please discuss following terminology used in this chapter.

1. Please discuss that why the users asked that quality of financial reports should be good.

2. Please discuss following terminology used in this chapter.

a. Relevance

b. Reliability

3. Define historical cost and adjusted historical cost.

4. Discuss present value and fair/market value

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