Requirement

Complete the following statements by identifying the appropriate term or concept.

Question content area bottom

Part $1$

a$.$

A$($n$)$

$$

sets forth theory, concepts, and principles to ensure that accounting standards are

coherent and uniform.

Part $2$

b$.$

Information has

if decision makers can use it as an input into processes that help

forecast future outcomes.

Part $3$

c$.$

indicates whether financial information depicts the substance of an economic

event in a manner that is complete, neutral, and free from error.

Part $4$

d$.$

allows financial statements users to identify and understand similarities and

differences among several entities.

Part $5$

e$.$

means that a group of reasonably informed financial statement users are able to

reach a consensus decision that reported information is a faithful representation of an underlying economic event.

Part $6$

f$.$

represent resources, claims to resources, or interests in resources as of a specific point

in time and appear on the balance sheet $($statement of financial position$).$

Part $7$

g$.$

A$($n$)$

involves a buyer and seller who are independent and unrelated parties, each

bargaining to maximize his or her own wealth.

Part $8$

h$.$

The

indicates that accountants will record transactions and prepare financial statements

as if the entity will continue to operate for an indefinite period of time unless there is evidence to the contrary.

Part $9$

i$.$

The

specifies that an economic entity can divide its life into artificial time periods for

the purpose of providing periodic reports on its economic activities.

Part $10$

j$.$

Financial information is

if it is capable of making a difference in decision making by

exhibiting the following attributes: predictive value, confirmatory value and materiality.

Part $11$

k$.$

further explain the information that is recognized on the face of the financial statements.