QUESTION $1$

$[20]$

$1\mathrm{.}1$ List and briefly explain the three short term financial goals of the firm.

$1\mathrm{.}2$ According to Marx, et al $(2009),$ there are three fundamental management principles. Explain the cost$-$benefit principle and detail the steps in which it may be implemented by the firm.

$(7)$

$1\mathrm{.}3$ Define a qualified audit report and briefly explain adverse, disclaimer and qualified audit reports.

$(4)$