PFRS, CF Flashcards
1
Q
What are the three aspects or components of the accounting process?
A
- Identifying (analyzing component)
- Measuring (technical component)
- Communicating (formal component)
2
Q
It is the process of
A
3
Q
It is the process
A
4
Q
It is the process
A
5
Q
What are the fundamental qualitative characteristics of useful financial information?
A
- Relevance
- Faithful representation
6
Q
What is the objective of general purpose financial reporting?
A
To provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity
