Q$3(25$ marks$)1.$ The director, Mr$.$ Tapudzani just arrived from a workshop which ended up discussing some accounting concepts, under the IASB$$s conceptual framework for financial reporting. He has now approached you and asked you to explain what is meant by: a$)$ Relevance $(2)$ b$)$ Faithful representation $(2)$ c$)$ Comparability $(2)$ d$)$ Understandability $(2)$ e$)$ And, he wants you to show how these qualitative characteristics make the financial information useful. $(2)2.$ The Director also got confused at the meeting and he feels that there are many things he should learn relevant to accounting. He was hearing some presenters at the workshop talking about accounting concepts and or assumptions whilst accounting for inventories. $$ Illustrate to the Director giving examples how each of the accounting concepts could be applied in accounting for inventory. $(10)3.$ The Director of Tapudzani $($Pty$)$ Ltd$,$ has been involved in the development of a new product line. He realised at the workshop which he attended that development costs are a material cost for most companies. These costs are then either written off as an expense or capitalised as an asset. $$ He asked you for a report other than the above requirements, in $(1$ and $2),$ that you include a discussion of the conceptual issues that are involved and the definition of an asset that may be applied in determining whether development expenditure is to be treated as an expense or as an asset. $(5)$