8. The organization that has been given the authority by Congress to set acces the: set accounting principles for public companies is a. Internal Revenue Service b. Financial Accounting Standards Board. c. Securities and Exchange Commission d. Institute of Management Accountants. 9. Relevance is a qualitative characteristic of accounting information w relevance? ing information. Which definition best applies to the concept of a. The quality of information that assures that information is reasonably ons reasonably free from error and blas. b. The capacity of information to make a difference in the decision proce C. The quality of information that enables users to comprehend the messay comprehend the message being communicated d. The quality of information that enables users to identify similarities and phenomena. that enables users to identify similarities and differences between two sets of economic 10. Darland Corporation (USA) purchased go spot rate for the m (USA) purchased goods on account for 1.000 Swiss francs. On the date of purchase, the 0.05 per Swiss franc. How much was the foreign currency exchange gaino wiss franc was $0.70. By the time the corporation settled its obligation, the spot rate had fallen to a. $0 b. $50 gain c. $50 loss d. $83 gain