Why these sentences are included

- The income statement reports the results of operations as of a given date - The income statement is an expanded expression of the fundamental accounting equation - Because of the qualitative characteristics of understandability, all data - users can understand the financial statement prepared by a mature CPA - A deviation from generally accepted accounting principles is permissible if the amount involved in the transaction is material and may not have impact on user's decisions Applying the monetary unit assumption, a Philippine-based business that has a client paying in dollars should record the transaction also in dollars - Because financial statements must be objective and based on verifiable evidence, date obtained from estimates cannot be presented