2.5 Financial statements should be prepared in ___________.

A. US GAAP
B. UK GAAP
C. French GAAP
D. Chinese GAAP
E. None of the above

2.5 The term ___________ refers to the fundamental qualitative characteristics of general purpose financial statements. A. completeness B. accuracy C. timeliness D. prudence E. verifiabi

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Question: QUESTION 2 CHOOSE THE MOST CORRECT ANSWER (20 MARKS) 2.1 General purpose financial statements are designed for ___________. A. internal and external users B. investors, lenders and creditors C. investors D. lenders and other creditors E. none of the above 2.2 Information regarding changes in economic resources and claims can be found on___________. A. SOCI B. SOCF C. SOCIE D. SOFP E. More than one of the above are correct 2.3 Identify which of the following terms, if any, are the fundamental qualitative characteristics of general purpose financial statements A. Prudence B. Neutrality C. Completeness D. All of the above E. None of the above 2.4 In order to achieve faithful representation, the financial statements must be___________. A. Neutral, prudent and timeous B. Neutral, complete and timeous C. Neutral, complete and free from errors D. Neutral, complete and verifiable E. None of the above

Asked by Siyabonga

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2.1 Most correct answer: A. internal and external users 2.2 Most correct answer: D. SOFP 2.3 Most correct answer: E. None of the above 2.4 Most correct answer: D. Neutral, complete and verifiable

Answered by gpt-4

May 17, 2023, 8:11 a.m.

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statements are correct. 2.11 The primary purpose of financial statements is to___________. A. provide an accurate view of a company's financial position B. inform investors and creditors of a compan

are correct. 2.4 IFRS prescribes___________. A. the use of IFRS in all companies B. the use of IFRS in limited companies C. the use of GAAP in companies with equity D. the use of bo

are correct. 2.4 In a comparative financial statement, the most important line items to analyze are the_________________. A. Balance sheet line items B. Income statement line items C

2.5 Which of the following is a necessary component of a financial statement? A. Balance sheet B. Income statement C. Cash flow statement D. Balance sheet and income statement E. None of the

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3.1 A company name that ends in ‘SOC Ltd’ is SOC Ltd. 3.2 A company that ends with ‘Ltd’ is usually a Limited Company. 3.3 A reporting period is normally a year long. 3.4 For something to be neutra

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Published: Wednesday, May 17, 2023

2.5 The term ___________ refers to the fundamental qualitative characteristics of general purpose financial statements. A. completeness B. accuracy C. timeliness D. prudence E. verifiabi

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