BE2-2. Users of Financial Information. Describe the primary users of the financial statements according to the conceptual framework?

BE2-9. Fundamental and Enhancing Characteristics. Identify whether the following items are fundamental characteristics (FC) or enhancing characteristics (EC): _______ Comparable _______ Relevant _______ Timely _______ Understandable _______ Faithful representation _______ Verifiable?

BE2-12. Revenues and Gains. Explain the difference between revenues and gains?

BE2-20. Cash versus Accrual Bases of Accounting. The following events occurred at VG Consulting during the most recent month. A. VG provided consulting services and billed clients $2,000. B. VG collected $1,500 for consulting services performed in the prior month. C. VG paid its monthly electric bill of $300. D. Employees who worked for VG were not paid for services performed. Next month they will be paid $850. E. VG collected fees of $700 for services to be performed in the following month. For each event, determine the revenue or expense under the cash and accrual bases of accounting