Question 2 ( 7 marks) The following information represent some accounting policies: 1. LIFO inventory. 2. FIFO inventory. 3. Completed-contract method. 4. Percentage-of-completion method. 5. Accelerated depreciation method. 6. Straight-line depreciation method. 7. A relatively short estimated life for a fixed asset. 8. Short period for expensing intangibles. 9. Amortization of patent over five years. 10. High interest rate used to compute the present value of accumulated benefit obligation. 11. High rate of compensation increase used in computing the projected benefit obligation. Required: Indicate which of the above-mentioned accounting policies are conservative or unconservative. Assume inflationary conditions exist