answer the following questions in brief paragraph form 1 what is GAAP? What is IFRS? 2 name the four characteristics that help make accounting information useful. 3 what is the seperate-enity assumption? 4 explain materiality and give an example of both a material and immaterial item 5 what are the four basic financial statements? 6 What is a current asset? What is current liability? 7 What does recgonize revenue mean in accounting? 8 what is the matching princple? 9 what is an accural? a deferral? 10 Must a company collect the money from a sale before the sale can be recognized? 11 What is the cost of goods sold? 12 Explain the difference between cash basis acounting and accural basis accounting. 13 How is the current ratio computed? What does it tell us about a company ?