The "expectation gap" is:

a.

The difference between what the public thinks the accountant is not doing and what the accountant knows they don't do.

b.

The difference between what the public thinks the accountant should do and what the accountant thinks they can do.

c.

The difference between what the public thinks the accountant should do and what Congress says the accountant should do.

d.

The difference between what the accountant should do and what the Courts say the accountant should be doing.

the followings are nominal accounts, except:

a.

Sales return and allowance

b.

Dividends

c.

Gain on sale of plant assets

d.

Unearned service revenue

e.

Dividend revenue

Recoding the cost of wastebasket when the wastebasket is acquired as an expense is an example of

a.

Conservatism.

b.

Cost constraint.

c.

Industry practices.

d.

Going concern assumption

e.

Materiality.