Part A (4 Marks) One of the fundamental qualitative characteristics is faithful representation. Why is...
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Accounting
Part A (4 Marks) One of the fundamental qualitative characteristics is faithful representation. Why is faithful representation an important qualitative characteristic for accounting information? Give an example of how this may apply to financial statements. Part B (4 Marks) For the following two objectives, explain briefly what each means in terms of financial reporting. Include in your response how the objective would impact the recording of revenues and expenses and what would be important to a user (either internal or external) of financial statements: 1) Cash flow prediction 2) Performance evaluation
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