Accounting Terminology - Fill in the Blanks

question 7

Essay

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.

Recognize the communication of emotions and information through nonverbal cues like facial expressions and the implications of thin-slice judgments.

Identify and describe the processes and impacts of stereotyping, prejudice, and discrimination.

Understand the influence of cultural differences on behaviors and social norms, including eye contact and attributions.

Comprehend the role of self-fulfilling prophecies in reinforcing existing beliefs or stereotypes.

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Definitions:

Drive

A natural, genetically programmed impulse to achieve a target or fulfill a desire.

Thirsty Person

An individual experiencing the sensation of thirst, typically a physiological response signaling the need to ingest fluids for bodily hydration.

Incentives

Incentives are rewards or motives that encourage individuals to perform specific actions or behaviors.

WNBA

The Women's National Basketball Association, a professional basketball league in the United States for women.