Accounting terminology - fill in the blanks
Fill in the blanks below with the accounting term(s) that best completes each sentence.
1. A soundly developed conceptual framework is a ______ set of standards and rules. ______ and ______ are the fundamental qualitative characteristics that make accounting information useful for decision making.
2. Enhancing qualitative characteristics are ______, ______, ______ and ______.
3. Liabilities have three essential characteristics:
1. They reprecent a_________,2. the entity has a_______________,and 3.______________
4. While consolidated financial statements are prepared from the perspective of the ______, taxes are paid from the perspective of the ______.
5. Collectibility is one of the three conditions of the revenue recognition principle. Assuming the other two conditions are met, revenue should only be recognized if collectibility is ______.
6. The ______ stipulates that anything that is relevant to decisions should be included in the financial statements.
7. A company's Management Discussion and Analysis (MD&A) is an example of ______.
8. A ______- based approach, as used in Canadian GAAP and IFRS, is sometimes criticized for being too ______.
9. Under the ______ principle, ______ incurred during a particular period are matched with ______ earned during that same period.
10. The ______ is based on the assumption that a business enterprise will continue to operate for the foreseeable future.
11. One of the assumptions of the ______ is valuation at a particular point in time.
12. ______ is defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."
13. Standard setters have given companies the option to use ______ instead of historical costs.

Gains Are Defined as

Multiple Choice

Correct Answer:VerifiedShow Answer

Correct Answer:
Verified