Basic elements of financial statements, Accounting Basics

Assignment Help:

Q. Basic elements of financial statements?

Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third important job in developing a conceptual framework for any discipline is identifying and defining its basic elements. The FASB defined and identified the basic elements of financial statements in Concepts Statement No. 3. Afterwards Concepts Statement No. 6 improved some of the definitions. We defined nearly every one of the terms earlier in this text in a less technical way the more technical definitions follow. These items aren't repeated in this chapter's Key terms.


Related Discussions:- Basic elements of financial statements

Learning objectives of horizontal and vertical analysis, Q. Learning object...

Q. Learning objectives of Horizontal and vertical analysis? - An account is a storage element used to classify and summarize money measurements of business activities of a simi

A firm''s __________ account is categorized, A firm's __________ account is...

A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory

Accounting errors-transaction errors, Accounting Errors-Transaction Errors ...

Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the

Balance sheet, what accounts go into a balance sheet

what accounts go into a balance sheet

Traditional body of accounting theory, Q. Traditional body of accounting th...

Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop

Estimate interest rate and analysis market interest, Woodie Limited issues ...

Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea

What is time orientation - financial accounting, What is Time orientation ...

What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou

Show adjustments for deferred items, Q. Show Adjustments for deferred items...

Q. Show Adjustments for deferred items? This segment discusses the two types of adjustments for deferred items asset/expense adjustments and liability/revenue adjustments. In t

A department transferred 7, A department transferred 7,000 units to the fin...

A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd