Terms (2 points each) Initials: 1 While not having ultimate legal authority, this body is primarily responsible for establishing accounting policies in the US a IRS b SEC FASB d GAAP 2 This accounting priciple requires that similar events be accounted for in the same manner on the financial statements of different companies and for a particular company for different periods Comparability b Conservatism C Neutrality d Relevance 3 The term that relates to the question is this transaction (or tam) large enough to influence the user of the information is a Venfiability b Neutrality - Materiality d Comparabity 4 "When in doubt, it is better to understate assets and profits is most consistent with Conservatism b Representational Faithfulness c Measurability d Verifiability 5 Information that provides feedback value and predictive value in a timely manner is. 3 Relevant b Representational Faithful c Material d Reliable 5 A group of trained accountants using the same measurement methods reach similar conclusions. This refers to which accounting characteristic a Rolevance Verifiability c Understandability d Neutrality 12 Page 5