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On June 1, 2020, a cheque in the amount of $6,000 was issued for a...

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Accounting

On June 1, 2020, a cheque in the amount of $6,000 was issued for a two-year subscription to online advertising starting from June 1, 2020. The entire amount of $6,000 was debited to advertising expense on June 1, 2020.

Instructions: Based on IFRS framework, explain TWO fundamental characteristics and ONE enhancing characteristic that will not help meet the users' information needs.

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