QUESTION 2 Consider the following statements: (a) It is mandatory for entities to disclose comparative information in its financial statements, except (b) Management has the option to offset assets and lialies if it prefers. during the first year of operations. (c) An item must have a value or cost that can be measured reliably in order to be recognised in the financial statements. The communication of financial information is referred to as financial reporting. (e) (d) Omission or misstatement of information refers to the concept of timeliness. Which one of the following alternatives represents the correct statements? 1. 2. 3. 4. (a), (c), and (d) (a), (b), and (c) (b), (d) and (e) (c). (d) and (e)