$7.$ All significant post$-$balance sheet events are reported.

$8.$ Revenue is recorded at the point of sale.

$9.$ All important aspects of bond indentures are presented in financial statements.

$10.$ The rationale for accrual accounting is stated.

$11.$ The use of consolidated statements is justified.

$12.$ Reporting must be done at defined time intervals.

$13.$ An allowance for doubtful accounts is established.

$14.$ Goodwill is recorded only at the time of a business combination and does not change unless the goodwill becomes impaired.

$15.$ Sales commission costs are charged to expense in the period of the sale.