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1. Conceptual Framework Matching: Full-Disclosure A. The long life of a company can be broken into a series of shorter time periods H Revenue B. The assumption that a company will continue to operate indefinitely. Periodicity Transactions of the business are separate from transactions of the owners. B Going Concern D. All relevant information should be provided to users. 6 E. Consensus among different measurers. Historical Cost Verifiability Small amounts unlikely to influence users. Immaterial Amounts G, Elements are recorded at their actual cash equivalent price C Economic Entity When goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services 2. The characteristic that states that information must be complete and free from error or biasis Reliability 3. Relevance has what three characteristics? 4. Give an example of a trade-off between relevance and faithful representation. - What is the difference between revenues/expenses and gains/losses? Accounting information should be both -- able to be compared between businesses, and --- able to be compared across time periods. (True or False) Revenues are matched with the expenses that they help (True or False) Both cash and socrul basis accounting are able under US GAAP 9. Financial Audits are performed by 10. What is the responsibility of audito? 11. What is the benefit of a strict code of ethics? 12. What is the group responsible for establishing A. United States accounting standards: B. International accounting standards: C. Government accounting standards: 13. What is a key constraint on accounting information choices? 14. What does this term (question 13) mean? 15. This constraint (questions 13 & 14) can be described simply as 16. Business Legislation: The Securities and Exchange Act of 1934 created the 17 The Public Company Accounting Reform and Investor Protection Act of 2002 is better known as 18 What impact did the Securities Acts of 1933 and 1934 and the 933 and 1934 and the Public Company Accounting Reform and Investor Protection Act of 2002 have on financial accounting and reportin porting