Question: 1. [Conceptual basis for accounting standards] Explain why accounting standards might be different if they were established by:
(i) Short-term lenders such as trunks
(ii) Lorig-term equity investors
(iii) Tax authorities
(iv) Corporate managers
2. [Baste accounting concepts] Describe the relationship between the matching principle and the accrual method of accounting in the preparation of financial statements.
3. [Basic accounting concepts] Describe why the going concern assumption is important in the preparation of financial statements.