This form of business is a legal entity and, as such, it is a 'legal person conducting a business in its own name. What type of business structure does this statement refer to? When financial statements are prepared, the same accounting policies and standards should be applied across multiple reporting periods, as well as across multiple entities within an industry. What qualitative characteristic of accounting information does this statement refer to? General purpose financial reporting presumes that an entity will continue for the foreseeable future unless and until the entity's liquidation is about to happen. What basic assumption is this accounting practice based on? t A concept is concerned with assessing whether omission, misstatement or non-disclosure of a piece of information would affect the decisions of users of financial statements. What does this concept refer to? This item in the balance sheet represents the excess of assets over liabilities. What is this item?" This communication is presented to the users on the credibility and fair representation of a set of financial reports. What is this communication called? t An economic resource is a legal or contractual right that has the potential to produce economic benefits. What accounting element does this statement refer to? t The transfer of assets, usually cash, is made by a business to its owners from its accumulated and retained profit What does this statement refer to