Answer the following questions be directly referencing the appropriate FASB Statement of Financial Accounting Concept and disclose where you found your answer (concept number and paragraph number).

1. Who are considered by the FASB to be the primary users of general purpose financial reports?

2. What justification does the FASB provide to support its requirement of accrual accounting?

3. How is risk defined in the SFACs as it is related to cash flows?

4. How does the FASB define the following: a. Comprehensive income. b. Realization. c. Recognition.

5. What are the five measurement attributes used in the financial statements?

6. What are the characteristics of each of the following: a. an asset? b. a liability? c. A revenue? d. An expense?

7. Which of the ten elements are not included in the financial reporting of a non-for-profit entity?

8. What are the fundamental qualitative characteristics of useful financial information?