2. Understanding and meaning if the following statements:
a. Statement of financial performance
b. Statement of financial position
c. Statement of owners’ equity
4. GAAP 10 principles:
a. The accounting entity concept.
b. The going concern principle.
c. The cost principle.
d. The monetary principle.
e. Conservatism principle.
f. Working capital.
g. Full disclosure principle.
h. Accounting period
i. Accrual Accounting
j. Cash Accounting
5. Definition of internal control and briefly discuss the characteristics of an effective internal control system beginning with competent, reliable, and ethical personnel.
6. Difference between perpetual inventory systems and periodic inventory systems.
7. Develop the following definitions:
• Expense recognition
• Depreciation expense
• Qualitative characteristics of financial information
• Income recognition provision
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