Solve all the Question please.

Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards. (Mark 1) b. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph. (Mark 1) Q2. An adjusting journal entry is typically made just prior to issuing a company's financial statements. What do you understand by adjusting entries? Give examples (Marks 2) Q3. Presented below is information related to CHOCo. for the month of January 2018. Instructions: Prepare the closing entries. (Marks 4) Q4. The retained earnings statement of XYZ Corporation on 314 December 2021 had the following balances: However, before issuing the report for the year ended December 31, 2021, it discover a SAR 20,000 error undervalued inventory that overstated the net income to be higher in 2020 and overvalued depreciation ameunt of $5,000 which understated net income in 2020 . How would this discovery have an impact on the reporting of the Statement of Retained Earnings for 2021? ? (Marks 3) Q5. a. Presented below is the adjusted trial balance of Ahdullah Cavwseation at Naramhar 21 Liabilities. (Marks 3) b. What are the requirements of IFRS for a complete set of financial statements be presented annually? (Mark 1)