Match the numbered items with the lettered items 26 Revenues Claims to assets after deducting the creditors' share 27 Assets b Results are reported at least on a monthly basis 28 Equity c Probable future economic benefits controlled by an entity 29 Investments by 30 Expenses 31 Comprehensive Income 32 Gains 33 Monetary Assumption 34 Losses 35 Distribution to owners wnerd Increase in net asset from the peripheral transactions e Assets tranferred to a business for ownership interest f Annual dividends to shareholders E Business wll be around to at least accomplish its objectives h Separation of business transactions from that its owner's i Decrease in net asset from the peripheral transactions rsJThe dollar is used in the US to report financial transactions 36 Economic entity k Increases in net assets from sale of goods or from the Perprsoe service 37 Going concern I Capturing transactions like gain/losses on pension assets 38 Liability Consumption of an asset or liability incurred to perform a Seeuu n Existing obligation of an entity which will be settled through 39 Periodicity the sacrifice of an asset or performance of a service 40) The FAS8 issues accounting standards in the form of A) Accounting Research Bulletins. B) Accounting Standards Updates. C) Financial Accounting Standards. D) Financial Technical Bulletins. 41) Which of the following was the first private-sector entity that set accounting standards in the United States? A) Accounting Principles Board. B) Committee on Accounting Procedure. C) Financial Accounting Standards Board. D) AICPA