BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The characteristic of faithful representation implies that financial information faithfully represents the phenomena it purports to represent. This depiction implies that the financial information is complete, neutral and free from error.

Detailed explanation-2: -Faithful representation is a fundamental attribute required of financial reports which makes them economic decision-useful. Good financial reports aid informed economic decisions which enhance efficiency in the allocation of resources.

Detailed explanation-3: -Faithful representation is the concept that financial statements be produced that accurately reflect the condition of a business. For example, if a company reports in its balance sheet that it had $1, 200, 000 of accounts receivable as of the end of June, then that amount should indeed have been present on that date.

Detailed explanation-4: -The answer is C. Materiality. Materiality is not one of the ingredients of the fundamental quality of faithful representation.