1) What is the difference between a public corporation and a private corporation? 2) Why would a Canadian private enterprise choose to use IFRS instead of ASPE? 3) Explain the difference between assessing cash flows and predicting cash flows? 4) Why is it important to establish the financial reporting objectives for a company? 5) Why might the objectives of financial statement users conflict with the motivations of managers? 6) List four factors a professional accountant must take into account to exercise ethical professional judgement. 7) When might the continuity assumption not be valid? 8) How does relevance relate to financial reporting objectives? 9 What are the four enhancing qualities of accounting information? 10) What is the difference between accounting realization and recognition? 11) What are the three criteria that must be met to justify recognition of an item in the financial statements