B. Fill in the Blanks - Write the word(s) to make the statements complete and correct. 1. provide financial reporting information to a wide variety of users. 2. As part of the objective of general-purpose financial reporting, an is adopted. This means that companies are viewed as separate and distinct from their owners. B. Accounting standards set out the recognition,. presentation and requirements of transactions and events that are important in financial statements. 4. The creation of FRSC in 2006 replaced the 5. The objective of the _ _ is to establish generally accepted accounting principles in the Philippines. 6. sets out the concepts that underlie the preparation and presentation of financial statements for external users. 7. If there are any conflict in the framework and IFRS, the prevails. 8. is a resource controlled by the enterprise as a result of past events and from which future cconomic events are expected to flow to the enterprise. 9. are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrence of liabilities that result in decreases in equity other than those relating to distributions to equity participants. 10. The conceptual framework specifically mentions one underlying assumption, namely, 11. The four sectors of accountancy under PICPA are