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7. This arises in the course of ordinary regular activities of the entity and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent.* (1 Point) Gain Income Revenue Profit B 8. The financial structure may be stated in the following accounting equation except: (1 Point) Assets Owner's Equity Assets-Creditors claims = Owners Equity Assets=Liabilities Assets = Claim of creditors and Owners 9. When information about two different entities engaged in the same industry has been prepared and presented in similar manner, the information exhibits the enhancing qualitative characteristics of * (1 Point) Relevance Faithful representheion Consistency o Comparability 10. One of these features is not applicable for an asset. (1 Point) It may have the physical form tangible) or may represent a right intangible) Benefit for this has already been received It is a thing of value owned by the business. This is expected to have a long life naredesinder the anal basis Ascots 11.PAS 1 par. 27-28 requires that financial statements be prepared under the accrual basis. Assets, Liabilities, Revenues or Expenses should be recognized based on the period they relate or based on the occurrence of the transaction / event rather than based on cash received or paid. * n (1 Point) O False O True 12. The "fundamental" qualitative characteristics are (1 Point) O Relevance faithful representation and materiality Faithful representation and materiality Relevance and faithful representation Relevance and reliability