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Explain any two accounting conventions that limit the scope

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Question 1: Identify and explain any two accounting conventions that limit the scope of financial statements.

Question 2: The auditors find that a bad debt of £100,000 was not noted down as an expense in the draft accounts. The director says, 'We need not change the accounts for such a small expense when our profits are £70 million. If needed, we can adjust this in the next year's financial statements.' Use three qualitative characteristics of financial statements to discuss this statement.

Reference no: EM132532660

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