of accounting principles, assumptions or accounting quality summarized in the conceptual frame work and other phrases & concepts.

Relevancy Part I (9 points) fill in the blank with appropriate Concepts or phrase from the list , Periodicity , faithful representation , materiality, timeliness , completeness, understandability, comparability, Consistency, consistency, verifiability , free from error , Neutrality, Free of Errors, predictive value, confirmatory value , Historical Cost Principle , Fair Value Option, Revenue recognition Principle, Expenses recognition principle, Full Disclosure Principle, Realization, Recognition, Asset, Liabilities , Revenue, Expenses, Loss., Gain., Cost Benefit constrain, Materiality, Industry practice, Conservatism, ,Accrual Basis Assum. , Economic Unit Assumption. Monetary unit assumption, Going Concern Assumption, Periodicity Assumption. Holding Gain, Capital maintenance Concept (CMC), Financial CMC, physical CMC, Accounting Errors, Change in Principle, Comprehensive Income (CI), OCI, Cooks Jar, Big Path, Earnings Management, Earnings Quality.

10) -If company change from non accepted method to generally accepted accounting

method this should be treated as ____________________

11) If company revise the useful life for long term asset this is an example of

_____________

12) ...include all changes in equity during the period except those resulting from investment by owners or distribution to owners.

13)..means that Financial information presented in FR should reflect realty so that investor

not be misled

14)...would allow the expensing of repair tools when purchased even though they have an estimated life of 3 years.

15) ______________________Highly liquid investment which is sufficiently close to its maturity & readily convertible into a known amount of cash.

16- comprehensive income consists of two major components NI and.

17- ) Under financial capital maintenance concept return on capital achieved only

if the money amount if net asset end of the period exceeds the money amount

of net asset beginning of the period.

18- the primary difference between financial CMC and physical CMC is lies in

the treatment of