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Q. Financial accounting standards boards conceptual framework?
Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory for years. The debate continues at present despite numerous references to generally accepted accounting principles (GAAP). To date all efforts to present a concise statement of GAAP have received only limited acceptance.
Because of this limited success a lot of accountants suggest that the starting point in reaching a concise statement of GAAP is to seek agreement on the objectives of financial accounting and reporting. The conviction is that if a person (a) carefully studies the environment (b) knows what objectives are sought (c) can identify certain qualitative traits of accounting information and (d) can define the basic elements of financial statements, that person can discover the principles and standards leading to the stated objectives. The FASB finished the first three goals by publishing Objectives of Financial Reporting by Business Enterprises and Qualitative Characteristics of Accounting Information. Attend to the fourth goal are concepts statements entitled Elements of Financial Statements of Business Enterprises and Elements of Financial Statements.
I need help with the journal entries for chapters 8 & 9 of this project.
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
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A user buys a new transponder for $20. What debit and credit entries would need to be made?
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Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
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