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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
2.1 The most correct answer is: B. investors, lenders and creditors 2.2 The most correct answer is: D. SOFP 2.3 The most correct answer is: B. Neutrality 2.4 The most correct answer is: C. Neutral, complete and free from errors
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