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O None of these would be considered a breach of the qualitative characteristic of faithful representation.

O None of these would be considered a breach of the qualitative characteristic of faithful representation.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following would be considered a breach of the qualitative characteristic of faithful representation? Disclosing information that could influence a decision. O Omitting the recognition of transactions of insignificant dollar amounts. None of these would be considered a breach of the qualitative characteristic of faithful representation. O Applying judgement in determining the existence of a liability. Incorporating estimations in the measurement of assets. Question 7 Which of the following is an application of the principle of materiality? The aggregation of different classes of property, plant and equipment into a single line item. None of these are an example of applying the principle of materiality. O The inclusion of a declaration by the directors in a financial report. The inclusion of an auditor's report in the financial report. The preparation of financial statements at least annually.
Transcribed Image Text:Which of the following would be considered a breach of the qualitative characteristic of faithful representation? Disclosing information that could influence a decision. O Omitting the recognition of transactions of insignificant dollar amounts. None of these would be considered a breach of the qualitative characteristic of faithful representation. O Applying judgement in determining the existence of a liability. Incorporating estimations in the measurement of assets. Question 7 Which of the following is an application of the principle of materiality? The aggregation of different classes of property, plant and equipment into a single line item. None of these are an example of applying the principle of materiality. O The inclusion of a declaration by the directors in a financial report. The inclusion of an auditor's report in the financial report. The preparation of financial statements at least annually.
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