2- In order for a company to be able to recognize revenue, the company has to A- satisfy its performance obligation B- Bill the client C- Receive cash D- None of the above 3-Arrange the following in a desending order i.e. from the top base of the triangle to the fliped tip of the conceptual framework triangle (FROM THE END TO THE BEGGINING) 1. Qualitative Characteristics and elements of financial reporting II. Reggnition, measurement, and constraints III. Objectives of financial reporting A- III, II, and I B- III, 1, 11 C- II, I, and III D I, II, and III 4- is the concept that relates to providing information that are useful for users of financial statements A- Objective of financial reporting B- Qualitative characteristics C- The "how" implementation D- Recognition, measurement, and constraints 5-Khalid Company's Capital = KD 1,000,000 Sarah Company's Capital = KD 10,000 Assume that both companies lost KD 1,000 Then, Such loss of KD 1,000 is considered A- Material for both companies B- Material for Sarah's Company and Immaterial for Khalid's Company C- Immaterial for Sarah's Company and Material for Khalid's Company D- Immaterial for both companies 6-Which of the following represents a form of communication through financial reporting but not through financial statements? A- Statement of Financial Position B- Income Statement C- Statement of Retained Earnings D- President's letter