For the following statements, determine which word or phrase from the list below will best complete it. Note: Some words or phrases could be used more than once, and some might not be used. (a) (b) (c) Cost constraint Financial statements Reporting entity concept Going concern assumption Professional judgment Principles Conceptual framework Full disclosure must give information about the changes in economic resources and claims on the economic resources should not be used when liquidation is likely. ensures that the benefits of providing more information are greater than the cost of providing it when applied, financial statement users will find it useful to report assets at their carrying amount (cost less accumulated depreciation). provides guidance in responding to new issues and developing new standards. assists accountants in determining an appropriate accounting treatment for each situation. (d) > (0) 3 E > (h) are also recognized as being standards in accounting. are affected by economic and political conditions, so will change over time. guides decisions about what to present in financial statements and how to communicate such information. was applied when the ACSB adopted IFRS for public companies and ASPE for private companies. (0)