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NEW QUESTION 54
The two fundamental qualitative characteristics of the financial information are
- A. relevance and faithful representation.
- B. faithful representation and comparability.
- C. relevance and comparability.
- D. verifiability and relevance.
Answer: A
NEW QUESTION 55
Which one of the following situations would result in either a new liability being recognised or an existing liability being increased?
- A. A company pays only half of an overdue invoice.
- B. A company establishes an asset revaluation reserve.
- C. A company recognises the depreciation expense for the current period.
- D. At the end of the reporting period, there are unpaid wages.
Answer: D
NEW QUESTION 56
A statement of comprehensive income reports on
- A. financial performance.
- B. solvency.
- C. changes in financial position.
- D. financial position.
Answer: A
NEW QUESTION 57
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