Account classification
Although the statement of financial position can be classified and presented in several ways, the major subdivisions noted in Illustration 5.1 tend to be closely followed. Explain how following these classifications contributes to the financial statement objectives of representational faithfulness and transparency.

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The Answer of Account classification
Although the statement of financial position can be classified and presented in several ways, the major subdivisions noted in Illustration 5.1 tend to be closely followed. Explain how following these classifications contributes to the financial statement objectives of representational faithfulness and transparency.

Account Classification Although the Statement of Financial Position Can Be Classified and Classified