(Answered) Question 1 describe one of the two fundamental qualities of

Accounting

Question: 1. Describe one of the two fundamental qualities of useful information: relevance or faithful representation.

2. Describe one of the four assumptions in financial reporting. These are the monetary unit assumption, economic entity assumption, periodicity assumption, and going concern assumption.

3. Describe one of the three principles in financial reporting. These are the historical cost principle, the fair value principle, and the full disclosure principle.

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