Exercise 1-2. Identify the term being defined by each item:

___________________ 1. Process of incorporating on the statement of financial position or profit or loss statement an item that meets the definition of an element ___________________ 2. Process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried on the statement of financial position and profit or loss statement ___________________ 3. Amount of cash or cash equivalents given or the fair value of the asset exchanged to obtain an item at the time of its acquisition ___________________ 4. Amount of cash or cash equivalents that would have to be paid if the same or an equivalent asset is acquired currently ___________________ 5. Amount of cash or cash equivalents that could currently be received through the sale of an asset in an orderly manner ___________________ 6. A particular form of general-purpose financial reports that provide information about the reporting entitys assets, liabilities, equity, income and expenses ___________________ 7. Standards and interpretations issued by the International Accounting Standards Board ___________________ 8. They Contain information that supplements the information already presented on the face of the financial statements ___________________ 9. Items of income and expense that are not recognized in profit or loss as required or permitted by other PFRSs ___________________ 10. Total of income less expenses, excluding the components of other comprehensive income ___________________ 11. Change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners ___________________ 12. The financial statement that shows an entitys assets, liabilities, and equity as of a particular date ___________________ 13. Shows the entitys profit or loss, and its components, during a particular period ___________________ 14. The financial statement that shows the changes in the entitys net assets during a particular period ___________________ 15. Inflows and outflows of cash equivalents