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QUESTION 3 Question Three a. The Conceptual Framework for Financial Reporting describes the objective...

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QUESTION 3

Question Three a. The Conceptual Framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 (five) importance of the conceptual framework. (5 marks) b. Explain the conditions under which assets and liabilities are derecognized. (5 marks) c. According to Partnership Act of 1932 (section 4),"Partnership is the relation between two or more persons who have agreed to share the profits of a business carried on by all or any one of them acting for all", with relevant examples, explain five (5) reasons why a partnership will be dissolved. (5 marks) d. Why are assets impaired? (2 marks) e. With relevant examples, explain the following. (8 marks) i. International Financial Reporting Standards i. Property, plant and equipment . Recoverable amount ii. Entity-specific value TOTAL: 25 MARKS

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