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SECTION A: STRUCTURED QUESTIONS (50 marks) Please answer all questions QUESTION 1 Discuss about IFRS adoption and qualitative characteristics of financial statements (15marks) QUESTION 2 Mr. John started a T-shirts business to be known as "John T-shirts". He performed following transactions during the first month of operations: 1. Mr. John invested a capital of RM15, 000 into his business. 2. Acquired a building for RM5,000 cash for business use. Bought furniture for RM1, 500 cash for business use. Purchased T-shirts from a manufacturer for RM3,000 cash 3. Sold T-shirts for RM1, 000 cash, the cost of those T-shirts were RM700. Purchased T-shirts for RM2, 000 on credit. 7. Sold T-shirts for RM800 on credit, the cost of those shirts were RM550. * Paid RMI, 000 cash to his payables. 9. Collected RM800 cash from his receivables. to The shirts costing RM100 were stolen by someone. 11. Mr. John paid RM150 cash for telephone bill. 12. Borrowed money amounting to RMS, 000 from City Bank for business purpose. Required: Explain how each of the above transactions impacts the account ing equatio nof John T- shirts. (15 marks) QUESTION 3 Discuss about the fallout of Enron and Arthur Anderson. Discuss about the END OF QUESTION - BBBA 4313 INTRODUCTION TO ACCOUNTING ethical values and principl (20 marks)