Exercise 1-1. Identify the term being defined by each item:

___________________ 1. A fundamental characteristic of a financial information which enables it to influence the decision of financial statement users ___________________ 2. Non-inclusion of such information could change the decision a financial statement user makes on the basis of the financial information of a specific entity ___________________ 3. A fundamental qualitative characteristic of a financial information which states that the information should be complete, neutral, and free from material mistakes ___________________ 4. Without partiality in the selection or presentation of financial information ___________________ 5. Qualitative characteristic that allows users to compare and contrast items presented in the financial information, whether from the same entity at different periods or with different entities in the same period ___________________ 6. Refers to the application of the same procedures for the same items, either from across periods within a reporting entity or in a single period among different reporting entities ___________________ 7. Different informed and independent observers could reach the same conclusion, although not necessarily complete agreement, that a particular financial information is faithfully presented ___________________ 8. Having available information to decision makers just in time to allow them to make their decisions ___________________ 9. Classifying, characterizing, and presenting information plainly and succinctly ___________________ 10. Assumes that the entity has neither the intention nor the need to liquidate or reduce materially the scale of its operations ___________________ 11. A present economic resource controlled by the entity as a result of past events ___________________ 12. A present obligation of the entity to transfer an economic resource as a result of past events ___________________ 13. Residual interest in the assets of the entity after deducting all its liabilities ___________________ 14. Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants ___________________ 15. Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants