FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports- identified in the Conceptual Framework are 'relevance' and 'faithful representation'. 

a) Provide one example where information is relevant but not faithfully represented. 

b) provide one example where information is not relevant but is faithfully represented.

c) provide one example where information is relevant and faithfully represented.

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