Select the statements that are true in terms of us 1. Solect the two best responses and then cick Submit Each material dass of similar items should be presented separately in the financial statements. Ar entity shall prepare its financial statements under the accrual basb of occounting except for the cash flow statement and related notes. The presentation and dassilication of items in the finandal statements shall be retained from one period to the next uniess managenment decides that it b unreasonable in terms of cost and effort. Comparative intormation for the preceding period only needs to be disclosed if management believes that it will add to the users understanding of the financial statements