The objective of financial reporting is to provide useful financial information to capital providers.
The primary decision specific qualities that make financial information useful are relevance and faithful representation.
To be relevant, information must possess predictive value and/or confirmatory value, and all material information should be included.
Completeness, neutrality, and freedom from error enhance faithful representation.
The 10 elements of financial statements are assets, liabilities, equity, investments by owners, distribution to owners, revenues, expenses, gains, losses, and comprehensive income.

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.