7.What are the two primary qualitative characteristics identified by the Financial() Accounting Standards Board's (FASB) conceptual framework? a. Relevance and faithful representation. b. Materiality and efficiency. c. Comparability and consistency. d. Costs and benefits. 8.Which of the following is considered cash for financial reporting purposes? ( ) a. account receivable b. investment with maturity dates greater than three months. c. checks received from customers d. accounts payable 9. Which financial statement shows that a company's resources equal claims to those resources?( ) a. Income statement. b. Statement of stockholders' equity. c. Balance sheet. d. Statement of cash flows. 10. On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and schedules a service visit for May 7. On May 7, Johnson installs the new water heater. The customer pays for services on May 10. According to the revenue recognition principle, on which date should Johnson record service revenue?() a. May 5 (date of phone call). b. May 7 (date of service). c. May 10 (date of cash receipt). d. Evenly over the three dates