3.1 A company name that ends in ‘SOC Ltd’ is SOC Ltd. 3.2 A company that ends with ‘Ltd’ is usually a Limited Company. 3.3 A reporting period is normally a year long. 3.4 For something to be neutra

3.1 A company name that ends in ‘SOC Ltd’ is _a State-Owned Company_. 3.2 A company that ends with ‘Ltd’ is _a Private Limited Company_. 3.3 A reporting period is normally _twelve_ months long. 3.4 For something to be neutral, it must be without _bias_. 3.5 The underlying assumption when using a set of financial statements is _the going concern principle_. 3.6 Assets, liability and equity depict _a company's financial position_. 3.7 When we recognize an element, it means processing a _transaction_. 3.8 Before recognizing an asset or liability, it must meet the relevant _definition_ and _recognition criteria_. 3.9 The statement of comprehensive income provides information about the entity's financial _performance_. 3.10 The objective of _the International Accounting Standards Board (IASB) framework_ is to prescribe the basis for presentation of general-purpose financial statements.