Provide the missing accounting terms to accurately complete each sentence below.A soundly developed conceptual framework is a $\_\_\_\_\_\_$ set of standards and rules. $\_\_\_\_\_\_$ and $\_\_\_\_\_\_$ are the fundamental qualitative characteristics that make accounting information useful for decision making. $(1\mathrm{.}5$ marks$)$Enhancing qualitative characteristics are $\_\_\_\_\_\_,\_\_\_\_\_\_,\_\_\_\_\_\_$ and $\_\_\_\_\_\_.(2$ marks$)$Liabilities have three essential characteristics. They represent a $\_\_\_\_\_\_,$ the entity has a $\_\_\_\_\_\_,$ and $\_\_\_\_\_\_.(1\mathrm{.}5$ marks$)$While consolidated financial statements are prepared from the perspective of the $\_\_\_\_\_\_,$ taxes are paid from the perspective of the $\_\_\_\_\_\_.(1$ mark$)$Collectibility is one of the three conditions of the revenue recognition principle. Assuming the other two conditions are met, revenue should only be recognized if collectibility is $\_\_\_\_\_\_.(0\mathrm{.}5$ marks$)$The $\_\_\_\_\_\_$ stipulates that anything that is relevant to decisions should be included in the financial statements. $(0\mathrm{.}5$ marks$)$A companys management discussion and analysis $($MD&A$)$ is an example of $\_\_\_\_\_\_.(0\mathrm{.}5$ marks$)$A $\_\_\_\_\_\_-$approach, as used in Canadian GAAP and IFRS, is sometimes criticized for being too $\_\_\_\_\_\_.(1$ mark$)$Under the $\_\_\_\_\_\_$ principle, $\_\_\_\_\_\_$ incurred during a particular period are matched with $\_\_\_\_\_\_$ earned during that same period. $(1\mathrm{.}5$ marks$)$The $\_\_\_\_\_\_$ is based on the assumption that a business enterprise will continue to operate for the foreseeable future. $(0\mathrm{.}5$ marks$)$One of the assumptions of the $\_\_\_\_\_\_$ is valuation at a particular point in time. $(0\mathrm{.}5$ marks$)\_\_\_\_\_\_$ is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. $(0\mathrm{.}5$ marks$)$Standard setters have given companies the option to use $\_\_\_\_\_\_$ instead of historical costs. $(0\mathrm{.}5$ marks$)$