Questions 1. Why is it acceptable for financial accounting to be imprecise? 2. What is materiality? 3. How is materiality determined? 4. What is a misstatement? 5. When is a misstatement considered fraud? 6. Give three examples of uncertainties faced by businesses. 7. Define "U.S. GAAP." 8. Why is GAAP so important to the capital market system in the United States? 9. Who creates U.S. GAAP? 10. What does it mean for financial information to be relevant? 11. What does it mean to match expenses with revenue? 12. Describe what is meant by objective information. 13. Define "asset and give an example of one. 14. Define "liability and give an example of one. 15. Define "revenue." 16. Define "expense." Questions 1. Why is it acceptable for financial accounting to be imprecise? 2. What is materiality? 3. How is materiality determined? 4. What is a misstatement? 5. When is a misstatement considered fraud? 6. Give three examples of uncertainties faced by businesses. 7. Define "U.S. GAAP." 8. Why is GAAP so important to the capital market system in the United States? 9. Who creates U.S. GAAP? 10. What does it mean for financial information to be relevant? 11. What does it mean to match expenses with revenue? 12. Describe what is meant by objective information. 13. Define "asset and give an example of one. 14. Define "liability and give an example of one. 15. Define "revenue." 16. Define "expense