Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement.SiriusXM Radio Incorporated files its annual and quarterly financial statements with the SEC.The president of Applebee’s International, Incorporated, travels on the corporate jet for business purposes only and does not use the jet for personal use.Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the merchandise has been manufactured according to customer specifications.Lady Jane Cosmetics depreciates the cost of equipment over their useful lives.Choose answer from：Expense recognition Revenue recognition The economic entity assumption The going concern assumption

Presented below are the assumptions made and characteristics of information used in this chapter. 1. Accounting entity assumption 2. Going concern assumption 3. Accrual basis assumption 4. Period assumption 5. Relevance 6. Faithful representation 7. Comparability 8. Verifiability 9. Materiality 10. Timeliness 11. Understandability (a) Repair tools are expensed when purchased. These repair tools have a useful life of more than one accounting period. (b) Two business financial reports can be viewed together. (c No information is missing or biased (d) Financial information is separated into time periods for reporting purposes. Independent people can reach the same figures. (f) Personal and business record keeping should be separately maintained. (g) Information that can be used to predict the future. (h Financial reports are issued promptly.

Which of the following is NOT a characteristic of management accounting?Non-mandatory reportingEmphasis on financial data onlyProvides information for internal usersFocus on future events

The cash flow statement summarizesa firm's revenuesand expenses for a period of time

Which financial statement displays the revenues and expenses of a company for a period of time?Group of answer choicesStatement of Financial PerformanceStatement of Financial PositionCash Flow StatementBalance SheetRetained Earnings

financial statements is composed of?