by Congress to set accounting principles for public companies is 8. The organization that has been given the authority oy Congress to set accounting b. Financial Accounting Standards Board. the: d. Institute of Management Accountants. a. Internal Revenue Service. C. Securities and Exchange Commission. of accounting information. Which definition best applies to the con 2. Relevance is a qualitative characteristic of accounting information. Which definition best app relevance? a. The quality of information that assures that information is reasonably free from error and blac b. The capacity of information to make a difference in the decision process. C. The quality of information that enables users to comprehend the message being communicated d. The quality of information that enables users to identify similarities and differences between two sets of economi phenomena 10. Darland Corporation (USA) purchased goods on account for 1,000 Swiss francs. On the date of purchase the spot rate for the Swiss franc was $0.70. By the time the corporation settled its obligation, the spot rate had fallen to $0.65 per Swiss franc. How much was the foreign currency exchange gain or loss? d. $83 gain c. $50 loss b. $50 gain a. $0