Please Provide "JUSTIFICATION ON EACH ANSWER" Thank you Here are the rest of the questions.6.) Which of the following is information to be presented to be presented either in the statement of Financial Position or in the Notes? A. The number of shares authorizedB. Par value per shareC. Number of shares issued and fully paidD. All of the above7.) The following statements are correct, except:A. Only expenditures that result in a recognized asset in the statement of financial position are eligible for classification as investing activities.B. Cash payments and receipts from contracts held for dealing or trading purposes are cash flows from investing activities.C. Cash receipts from sales of property, plant, and equipment are cash flows from investing activities.D. Cash receipts from the repayment of advances and loans made to other parties other than advances and loans of a financial institution are cash flows from investing activities.8.) Which of the following statements is correct?I. The entity presents its cash flows from operating, investing, and financing activities in a manner which is most appropriate to its businessII. Cash flows from operating activities are primarily derived from the result in changes in the size and composition of the contributed equity and borrowings of the entityA. I onlyB. II onlyC. Both I and IID. Neither I and II9.) All of the following are element of Conceptual Framework, except:A. Objectives of financial reportingB. Qualitative characteristics of accounting informationC. Elements of financial statementsD. All of the above10.) All of the following are examples of qualitative characteristics under faithful representation, except:A. MaterialityB. CompletenessC. NeutralityD. Free from error

Instructions: Read and analyze each statement carefully. Select the best answer then provide a brief yet rational explanation for your response. Use pencil in shading the letter of your choice and use black ballpen in writing down your justification on the space provided. 1. A body of concepts, terms, and assumptions that set out the concepts that underlie the preparation and presentation of financial statements for external users. a. Accounting standards b. Accounting information c. Conceptual standards d. Conceptual framework 2. All of the following statements are correct, except: a. The Conceptual Framework is not PFRS/IFRS. b. Nothing in the Conceptual Framework overrides any specific PFRS/IFRS. c. The Conceptual Framework does not define standards for any particular measurement or disclosure issue d. None of the above 3. Entity-specific aspect of relevance based on the nature or magnitude, or both, of the items to which the information relates in the context of an individual entity's financial report. a. Relevance b. Materiality c. Faithful representation d. Comparability 4. The following are scope of the Conceptual Framework, except: a. Concepts of capital and capital maintenance b. Objectives of financial reporting c. Definition, recognition, and measurement of the elements from which financial statements are constructed d. None of the above 5. All are information to be presented in the Profit or Loss Section, except: a. Revenue b. Finance cost Tax expense d. None of the above