Question

What factors of faithful representation will affect whether an element will be recognized or not?

a) Completeness, neutrality, and free from error.
b) Timeliness and verifiability.
c) Relevance and faithful representation.
d) Comparability and consistency

Answer 1

The factors of faithful representation that will affect whether an element will be recognized or not are completeness, neutrality, and freedom from error.

Step-by-step explanation:

The factors of faithful representation that will affect whether an element will be recognized or not are:

1. Completeness: This means that the information presented must be complete and not omit any important details. For example, if a financial statement only includes some of the expenses incurred by a company, it would not be considered complete.
2. Neutrality: Information should be presented in an unbiased and objective manner, without any personal or subjective opinions.
3. Free from error: The information presented should be accurate and free from any material errors or misstatements.