To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.
<h3>What is faithful representation?</h3>
Faithful representation can be defined as the financial accounting concept that stated a company financial position which they present should be correct with what the company has as their financial statement.
It is paramount that a company a financial statement is accurate to what they present in the financial statement and should not be compromise.
Therefore To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.
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Answer:
Normal goods
Explanation:
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.
I increase my demand for organic fruits and vegetables when my income increased. This shows they are normal goods.
Generic fruits and vegetables are inferior goods.
Inferior goods are goods whose demand falls when income rises and increases when income falls.
I hope my answer helps you
Answer:
The correct answer is: whenever they over- or under-allocate resources to a project.
Explanation:
A government is considered to be wasteful by the economists if it over-allocates or under-allocates resources on a project. Whenever resources are not efficiently or optimally allocated it is considered wasteful.
In case resources are over-allocated, the reason is given that the excess resources could have been used somewhere else.
In case resources are under-allocated, the reason is given that the given resources will not be able to provide the desired output.
