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Unformatted text preview: Karen Weller since she is the controller, and she would need to get used to this new rule, as well as possibly have a better standing with the FASB. d) Any stakeholder in the company could potentially be affected by the new rule, especially those that have more stake in the company because the rule will affect the reported net income for the year. E2-2 a) Verifiability b) Representational faithfulness c) Consistency d) Neutrality e) Comparability f) Relevance g) Comparability and consistency h) Reliability i) Relevance and reliability j) Timeliness E2-3 a) gains and losses b) liabilities c) investments by owners d) distributions to owners e) gains f) assets g) equity h) expenses i) equity j) revenues k) distributions to owners l) comprehensive income E2-4 a) 7 b) 6 c) 8 d) 2 e) 9 f) 1 g) 4 h) 11 i) 10 j) 3...
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- Spring '11
- Financial Accounting