The application of International Financial Reporting Standards (IFRS) has the purpose of providing financial reports that are of high quality. A second year MBA Accounting student decided to research into the effectiveness of IFRS adoption in Manufacturing, Agric and Service industries. Reporting quality was measured on a scale of 1 – 100. The purpose of the study was to examine the relationship between IFRS adoption and reporting quality of listed firms in the various industries. The specific objectives of the study were as follows: 1. Examine whether there is difference in average reporting quality among firms in Manufacturing, Agric and Service industries. 2. Examine whether there is an association between the reporting quality of Manufacturing and Service industries listed on the Ghana Stock exchange. 3. To examine whether reporting quality in the period after IFRS convergence is different from reporting quality in the period before IFRS convergence. Question 1 A. State the appropriate statistical test that can be employed to achieve each of objectives 1, 2 and 3. (3 marks) B. The following results relates to objective 2. Table 1: Correlations Reporting Quality for Manafacturing firms Reporting Quality for Service firms Reporting Quality for Manafacturing firms Pearson Correlation 1 .169* Sig. (2-tailed) .024 N 36 36 Reporting Quality for Service firms Pearson Correlation .169* 1 Sig. (2-tailed) .024 N 36 36 *. Correlation is significant at the 0.05 level (2-tailed). Required i. What is the relevance of the test conducted in Table 1? (1 mark) ii. Explain any FOUR assumptions of the test in (i) above. (4 marks) iii. What conclusion can you draw for objective 2 based on the results in Table 1? (3 marks) Page 1 of 6 iv. Evidence from the population suggests that there is a very strong connection between the reporting quality of Manufacturing and Service industries listed on the Ghana Stock exchange. Has the researcher committed any error in this case? Explain (2 marks) v. Explain any two s