Which of the following statements best explains the principle of faithful representation in
relation to the preparation of the annual financial statements?
A Transactions are presented any way that is considered appropriate.
B Transactions are presented in such a way as to maximise profit for the year.
C Transactions are presented in such a way to maximise asset values in the statement of
financial position.
D Transactions are presented to reflect their commercial substance of a transaction
rather than their legal form
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Explanation:
D
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