A. Identification - Write the word(s) best described by the statements below:

1. The standard-setting body who issues the International Financial Reporting Standards

2. The standard-setting organization who issues the U.S. GAAP

3. The process of identifying, measuring, and communicating economic information to permit informed judgment and decision by users of the information.

4. This was created to issue implementing guidelines on PFRS.

5. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash

6. The financial report that shows the reporting entity's economic resources and claims

7. The financial report that shows the changes due to events and transactions other than financial performance such as the issue of equity instruments and distributions of cash or other assets to shareholders

8. This is used when assets are recorded at the amount of cash or cash equivalents or the fair value of the consideration given to acquire them at the time of their acquisition.

9. Refers to the ability of the business to raise cash to meet unexpected cash requirements.

10. Those responsible for the preparation and presentation of financial statements.

11. The standard that sets out the requirements for the presentation of the cash flow statement and related disclosures.

12. Portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.

13. Result if an asset is sold more than book value.

14. One of its recognition criteria is that it is probable that the future economic events will flow to the enterprise.

15. Under this concept a profit is earned only if the physical productive capacity (or operating capability) of the entity (or the resources or funds needed to achieve that capacity) at the end of the period exceeds the physical productive capacity at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period.