Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pls answer the questions with your detailed explanations, it's much appreciated. 2.6 Listed below are some characteristics of financial information. (1) Relevance (2) Consistency (3)

Pls answer the questions with your detailed explanations, it's much appreciated.

image text in transcribed

2.6 Listed below are some characteristics of financial information. (1) Relevance (2) Consistency (3) Faithful representation (4) Accuracy Which TWO of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework? 1 and 2 2 and 4 3 and 4 1 and 3 (2 marks) 2.7 Which of the following statements describes faithful representation, a qualitative characteristic of faithful representation? Revenue earned must be matched against the expenditure incurred in earning it. Having information available to decision makers in time to be capable of influencing their decisions. The presentation and classification of items in the financial statements should stay the same from one period to the next. Financial information should be complete, neutral and free from error. (2 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tracking Your Trek Looking Backward To Determine Your Forward

Authors: Erica Pauly

1st Edition

979-8839157330

More Books

Students also viewed these Accounting questions

Question

What lessons in OD contracting does this case represent?

Answered: 1 week ago

Question

Does the code suggest how long data is kept and who has access?

Answered: 1 week ago