o settle the outstanding amounts. a. Faithful Representation; completeness; Enhancing b. Faithful Representation; completeness; Fundamental c. Faithful Representation; neutral; Fundamental d. Faithful Representation;
o settle the outstanding amounts. a. Faithful Representation; completeness; Enhancing b. Faithful Representation; completeness; Fundamental c. Faithful Representation; neutral; Fundamental d. Faithful Representation;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Identify the applicable qualitative characteristics referred to in the Conceptual Framework for Financial Reporting that is not adhered in the scenario below and indicate the respective group to which each characteristic belongs to. You are also required to indicate the sub-category (if applicable) to which the qualitative characteristic belong to.
- A company discovered at the end of the fiscal year that credit sales transactions from the last 2 months of the period were not recorded as the accountant was waiting for a transfer of cash or equivalent to settle the outstanding amounts.
a.
Faithful Representation; completeness; Enhancing
b.
Faithful Representation; completeness; Fundamental
c.
Faithful Representation; neutral; Fundamental
d.
Faithful Representation; free from error; Fundamental
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