1)When preparing financial statements, comparability is important. Which of the following statements reflects comparability?

a) Companies with similar circumstances use the same accounting principles.

b) Information makes a difference in a decision.

c) Information is free from bias that is intended to attain a predetermined result.

2)The cost constraint

a) means that assets and revenues should be estimated at the lower end of their range.

b) means that assets and revenues should be estimated at the higher end of their range.

c) means the value of the information is not less than the cost to produce the information.