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A true and fair view’ is one which:
A) presents the accounts in such a way as to exclude errors which would affect the actions of those reading them
B) occurs when the accounts have been audited
C) shows the accounts of an organisation in an understandable format
D) shows the assets on the statement of financial position at their current market price
Answer is A.
Please help with this.
I have not found much in book regarding true and fair view. What is it actually and why it is important in Financial Statements?
Statement A is actually a definition of what it meant by a true and fair view.
Anyone looking at a set of accounts should be entitled to assume that they do represent a fair view of the position of the business.
You will not have found much in your book about it because it is in Paper AA that the statement really becomes important.