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12. In classifying the elements of financial statements, the primary distinction between revenues and gains...

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12. In classifying the elements of financial statements, the primary distinction between revenues and gains is a. the materiality of the amounts involved. b. the likelihood that the transactions involved will recur in the future. c. the nature of the activities that gave rise to the transactions involved. d. the costs versus the benefits of the alternative methods of disclosing the transactions involved. 13. According to the FASB Conceptual Framework, the elements assets, liabilities, and equity describe amounts of resources and claims to resources at/during a Moment in Time Period of Time a. Yes No Yes Yes No Yes No No 14. Which basic assumption may not be followed when a firm in bankruptcy reports financial results? a. Economic entity assumption b. Going concern assumption c. Periodicity assumption d. Monetary unit assumption

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