Complete the following statements by selecting the correct one in the brackets.

1. Comprehensive income is the sum of net income on I/S and other comprehensive income items, which consist of[unrealized revenue and cost / unrealized gain and loss]associated with revaluations of certain types of assets and liabilities.

Answer: unrealized gain and loss

2. The (i) [accrual basis / cash basis] accounting systemis likely to result in a poor measure of firms economic performance for a certain periodbecause firmsoperating cycle may be complete in (ii) [a single period / multiple periods].

Answer: (i) accrual basis ; (ii) multiple periods

3. Firms recognize as an asset the items that provide (i) [past/ current / future] economic benefits as a result of(ii) [past/ current/ future] transactions or events.

Answer: (i) current ; (ii) future

4. On the firms balance sheet, items are reported in the order of their (i) [size/ liquidity/ significance], which means the speed with which an asset can be converted into cash without significant loss of (ii) [quality/time/value].

Answer:(i) ; (ii)