Which of the following statements about accounting concepts and the characteristics of financialinformation are correct?
1 The concept of accruals requires transactions to be reflected in the financial statements once the cash or its equivalent is
received or paid.
2 Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of
the financial statements.
3 Based on faithful representation, it may sometimes be necessary to exclude material information from financial statements
due to difficulties establishing an accurate figure.