1. If the LIFO inventory method was used last period, it should be used for the current and following periods because of A. materiality B. verifiability C. timeliness. D. consistency. 2. Which of the following is a fundamental quality of useful accounting information? A. Relevance B. Neutrality C. Comparability D. Materiality 3. Which of the following elements of financial statements is not a component of comprehensive income? A. Distributions to owners B. Losses C. Expenses D. Revenues 4. According to the FASB Conceptual Framework, the elements-assets, liabilities, and equity describe amounts of resources and claims to resources at/during a Moment in Time Period of tim A. No B. Yes C. No D. Yes Yes Yes No No 5. Issuance of common stock for cash affects which basic element of financial statements? A. Revenues B. Equity C. Losses D. Liabilities