A list of statements follows:
a.Standards are applications of__________and __________ to differing types of transactions. b.__________are specific implementation procedures. c.The intent of the__________ is to establish objectives and fundamental concepts that are the basis for development of financial accounting and reporting guidance. d.__________are the methods and practices that U.S. companies are required to use in preparing and reporting accounting information in financial statement used by external stakeholders. e. Statement of Financial Accounting Concepts No. 8 describes the relations between __________and decision-useful information. f.__________ is the ultimate objective of accounting information. g. The fundamental characteristics of decision-useful information are__________ and __________. h.Information is relevant if it has __________, __________,and __________. i.Accounting information is a faithful representation of the underlying situation if it has __________,_________, and__________. j. Enhancing characteristics include__________, __________, __________, and __________.Required:Fill in the words necessary to complete the statements.
What will be an ideal response?
| a. | concepts, principles | ||
| b. | rules | ||
| c. | conceptual framework | ||
| d. | generally accepted accounting principles (GAAP) | ||
| e. | qualitative characteristics | ||
| f. | decision usefulness | ||
| g. | relevance, faithful representation | ||
| h. | predictive value, confirmatory value, materiality | ||
| i. | completeness, neutrality, free from error | ||
| j. | comparability,verifiability, timeliness, understandability |
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Indicate whether the statement is true or false
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