Intermediate Accounting $1$

Assignment $1($Chapter $1-2)$

$2023-24$ Sem $2$

PART C $(15$ marks$)$

One of your friends is studying financial accounting. The Conceptual Framework issued by IASB makes it clear that the primary objective of financial accounting is to provide investors and creditors with information that will help them make investment and credit decisions. Using the statement of financial position prepared in part B as an example, discuss the fundamental characteristics of useful information and their components. Briefly explain the constraining condition under which information is not provided by companies.

Please type vour answer of this part on a separate A$4$ plain paper $$ End of Assignment $>$