1. The essential characteristic(s) of accounting is (are) a. communication of economic information to external parties. b. Identification, measurement, and communication of financial Information. c. identification and measurement of financial Information only d. communication of financial information to interested internal parties only. 2. The problem of information asymmetry can be reduced by a accounting standards b. adverse selection c. aggressive accounting d. only focusing on positive events. 3. Increases in equity from peripheral or incidental transactions of an entity are: a assets b. C revenues. contributions by owners gains. d 4 in Canada, the primary exchange mechanism(s) for allocating resources is (are): a debt & equity markets b. financial institutions such as banks C government authorities such as the Canada Revenue Agency d both a &