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densk [106]
3 years ago
13

According to the IASB Framework for the Preparation and Presentation of Financial Statements, the qualitative characteristic of

faithful representation includes
Business
1 answer:
Alexus [3.1K]3 years ago
4 0

Answer:

NEUTRALITY, COMPLETENESS AND FREE FROM ERRORS.

Explanation: IASB( International accounting standards board) is board regulating the preparation of accounting Reports or statements. It released its first framework called CONCEPTUAL FRAMEWORK in the year 1989.

The qualities of a faithful conceptual framework by IASB is to guarantee NEUTRALITY, COMPLETENESS AND ENSURE THAT THE STATEMENT IS FREE FROM ERRORS.

This framework will help to prevent disputes and manage standards in preparation of account statements.

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Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have the
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Answer:

Cobras Incorporated

Trial Balance as at March 31.

                                             Debit          Credit

Supplies                                 $1,100

Buildings                             $41,000

Cash                                      $2,100

Accounts Receivable          $2,800

Prepaid Insurance                 $1,100

Salaries Payable                                        $300

Accounts Payable                                   $1,500

Common Stock                                      $21,000

Retained Earnings                                 $14,500

Service Revenue                                    $18,100

Utilities Expense                 $2,300

Salaries Expense                $5,000

Totals                                 $55,000     $55,000

Explanation:

A Trial Balance is used to check mathematical accuracy in ledger Accounts. It represents a list of Balances : Debit and Credit extracted from the Ledger Accounts.

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