Part II (16 points): Fill in the blank with appropriate Concepts or phrase, from the list of accounting principles, assumptions or accounting quality summarized in the conceptual frame work or other phrases & accounting concepts 1- Highly liquid investment which is sufficiently close to its maturity & readily convertible into a known amount of cash. 2- _Provide Justification for using the direct write off method to account for receivable rather than the allowance method 3- means that Financial information presented in FR should reflect reality so that investor will not be misled 4 provide justification for the depreciation process and for 3-| classification of assets & liabilities into current & concurrent. -5 -Hold that income achieved only if end of the period money amount of (net assets) exceeds beginning of the period money amount of net assets. 6- The -assumption is not valid if the economy is experiencing a high rate of inflation. 7 statements an Accounting quality which enhanced by classification of financial 8 method to estimate uncollectible expenses provide better measurement of of net income and more consistent with matching principle than alternative method The direct write off method to account for receivable violate the principle 9. If company change from non accepted method to generally accepted accounting 10- represent means of communicating financial information to extemal users Justify the use of LCM rule to valued inventory despite its 11 inconsistency