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b) Explain what measurement in financial statements is and give examples (use information in the solution to Question 1 of Section A) of initial measurement
b) Explain what measurement in financial statements is and give examples (use information in the solution to Question 1 of Section A) of initial measurement and subsequent measurement. ( 4 marks) c) Explain what recognition in financial statements is and describe the general criteria for recognising an income and an expense in financial statements. (4 marks) d) Explain the significance of fundamental characteristics of financial information and discuss how enhancing characteristics supplement primary ones. (8 marks)
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