1. What is the difference between the Conceptual Framework's fundamental qualitative characteristics of relevance and faithful representation? Can you think of any trade-offs between relevance and faithful representation?
2. Explain why ethics and corporate governance are important topics in the study of accounting and the business environment?
3. The following information was obtained from the financial records of Bulmer Ltd for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020.

$180 000 $1 200 000 $49 000 $101 000 $40 000 $8 000 $1 000 000 $500 000 Retained earnings 1 July 2019 Sales revenue from continuing operations for the year Finance costs Estimated income tax expense for the year ended 30 June 2020 Interim dividends paid (ordinary shares) Write off research and development costs Share capital (1 million $1 shares) Expenses from ordinary activities (excluding finance costs) Required: a) Prepare the statement of profit or loss for the year ended 30 June 2020. (5 marks) b) Prepare statement of changes in equity for the year ended 30 June 2020