Financial statements should reflect a true and fair view of the business. what is meant by this statement by explaining the qualitative characteristics of financial statements?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Financial statements should reflect a true and fair view of the business.

what is meant by this statement by explaining the
qualitative characteristics of financial statements?

“True” of “False”:
(5)
Q.1.3.1 Management accountants use IFRS to prepare financial statements
Q.1.3.2 One of the essential functions of management is controlling
Q.1.3.3 The general ledger is a table used to summarise similar transactions
so as to facilitate fewer postings into the bookkeeping system
Q.1.3.4 According to the business entity rule, the books of account of a
business may reflect the personal affairs or wealth of the owner
outside of the business
Q.1.3.5 The formal bookkeeping system is always done manually by the
owner of the business

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