Select the necessary words from the list of possibilities to complete the following statements. 1. the primary purpose of the is to have the client's principal officers acknowledge that they are primarily responsible for the fairness of the financial statements. 2. a is a list of all specific disclosures required by financial accounting standards. 3. when paper paychecks are issued, the company's should distribute them to the employees of the company. 4. if the auditors conclude that the total misstatement in the financial statements is material, they should request management to adjust the financial statements or issue a(n) opinion. 5. financial statements that give effect to a subsequent event as though the event had occurred at the balance sheet date are known as financial statements.

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Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

If you were running a company, what are at least two things you could do to improve its productivity.