Question: Explain the following concepts: (1) Rule-based and principle-based systems to operate GAAP (4 marks); (2) Creative Accounting; list the four main creative accounting methods (6

Explain the following concepts:

(1) Rule-based and principle-based systems to operate GAAP (4 marks);

(2) Creative Accounting; list the four main creative accounting methods (6 marks);

(3) Information Asymmetry (3 marks);

(4) Efficient Market Hypothesis (2 marks).

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