Hi, this is a multiple choice. Please help me, Thank you 1. The…

Question Answered step-by-step Hi, this is a multiple choice. Please help me, Thank you 1. The… Hi, this is a multiple choice. Please help me, Thank you1. The Philippine Financial Reporting Standards (PFRS) includes the following, excepta. Interpretations by the Standard Interpretation Committeeb. Philippine Accounting Standardsc. General Guides to Financial Statement Preparationd. Interpretations of the International Financial Interpretation Committee 2. Statement 1: Individual primary users have different and possibly conflicting information needs and desires.Statement 2: Focusing on common information needs does not prevent the reporting entity from including additional information that is most useful to a particular subset of primary users.a. Only the first statement is correct.b. Only the second statement is correct.c. Both statements are correct.d. Neither of the statement is correct.3. Statement 1: The usefulness of financial information is enhanced if it is reliable, verifiable, timely, comparable, consistent, and understandable.Statement 2: Financial statements that are faithfully representative of what they purport to represent is capable of making a difference in the decision made by users.a. Only the first statement is correct.b. Only the second statement is correct.c. Both statements are correct.d. Neither of the statement is correct. Accounting Business Financial Accounting ACCOUNTING 225 Share QuestionEmailCopy link Comments (0)