MULTIPLE CHOICE (4 POINTS 1. Relevance Representationally Faithful Yes No According to the FASB's conceptual framework, predictive value is an ingredient of Yes Yes No Yes No No 2. a. The Financial Accounting Standards Board employs a "due process" system which Is an efficient system for collecting dues from members. b. Enables interested parties to express their views on issues under consideration. Identifies the accounting issues that are the most important d. Requires that all accountants must receive a copy of financial standards. c. Members of the Financial Accounting Standards Board are a. Employed by the American Institute of Certified Public Accountants (AICPA). b. Part-time employees. c. Required to hold a CPA certificate. d. Independent of any other organization 4. Charging off the cost of a wastebasket with an estimated useful life of 10 years as an expense of the period when purchased is an example of the application of the a. Consistency b. Matching principle c. Materiality d. Historical cost principle