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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.
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
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