Short Answer Respond the following 4 questions (5 points each) Generally accepted accounting principles require the use of accrual accounting in the determination of income. Two principles contained in the Conceptual Framework, Revenue Recognition principle and Expense Recognition principle, form the basis for accrual accounting, Describe these two principles and their relationship to accrual accounting. K 2. Accounting information provides useful information about business transactions and events. The FASB statement on qualitative characteristics of accounting information examines the characteristics of accounting information that make it useful for decision-making, Describe the fundamental characteristics of Relevance and Faithful Representation. Include in your discussion, the underlying characteristics of each of these qualities