Determine the response that best completes the following statements or questions. 1. the primary objective of financial reporting is to provide information. useful to capital providers. about a firm’s financing and investing activities. concerning the changes in financial position resulting from the income-producing efforts of the entity. about a firm's management team. 2. statements of financial accounting concepts issued by the fasb are subject to approval of the sec. have been superseded by sfass. represent gaap. identify the conceptual framework within which accounting standards are developed. 3. in general, revenue is recognized when the sales price has been collected. a good or service has been delivered to a customer. a contract has been signed. a purchase order has been received. 4. in depreciating the cost of an asset, accountants are most concerned with recognizing revenue in the appropriate period. full disclosure. conservatism. recognizing expense in the appropriate period. 5. the primary objective of the matching principle is to provide timely information to decision makers. promote comparability between financial statements of different periods. provide full disclosure. record expenses in the period that related revenues are recognized. 6. the separate entity assumption states that, in the absence of contrary evidence, all entities will survive indefinitely. false true