11. Under current GAAP, most resources or business entity are to be valued in je financial statements ve that is most relevant to the needs of users of the financial statements historical the current cost of replacing the resource 12 FASB suggests that revenues are considered to be cames: at the point of sale throughout the carning process. when the company is entitled to its benefits d. when canh is received 4 13 The principle of revenue recognition results in: recording revenue in the income statement brecording realized revenue when it is earned. measuring relevant and reliable information whenever a transaction has occurred dassuring the existence of all amounts recorded as net income 14. or the following reporting assumptions or reporting principles, the one most widely criticised in the a consistency principle be full-disclosure principle entity assumption d historical cost principle 15 Expenses are recognized and matched against revenues on the basis of three principles. Which is not one of these principles? immediate recognition associating cash flows c systematic and national allocation d associating cause and effect