Question: Answer the following questions: a)Explain the difference between a provision and a contingent liability. (4 marks) [Answer here] b)Explain the 4 enhancing qualitative characteristics of

Answer the following questions:

a)Explain the difference between a provision and a contingent liability. (4 marks)

[Answer here]

b)Explain the 4 enhancing qualitative characteristics of financial information in general purpose financial reports. (6 marks)

[Answer here]

c)What is the importance of ethics in the accounting process and share examples?

(5 marks)

[Answer here]

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