the essential characteristics of accounting

  1. What are the essential characteristics of accounting?
  2. What are the four most frequently provided financial statements?
  3. Why is accounting important for capital allocation?
  4. What is the objective of financial reporting?
  5. What are the three organizations that are instrumental in the development of financial accounting standards?
  6. What is the AICPA and why was it formed?
  7. What is FASB and why was it formed?
  8. What are the steps of the FASB’s due process system?
  9. What are the two major types of pronouncements that FASB issued?  Briefly explain each.
  10. What is GAAP and what are some of its major sources?
  11. What is FASB codification?
  12. What are some of the challenges facing financial reporting?
  13. What is Sarbanes Oxley?
  14. What is IFRS?
  15. What is International Organization of Securities Commissions?
  16. What is International Accounting Standard Boards?
  17. What are the three types of pronouncements in IFRS?

Chapter 2

  1. What is conceptual framework?
  2. How many Statement of Financial Accounting Concepts has FASB issued?
  3. What are the three levels of conceptual framework?
  4. What is the objective of financial reporting?
  5. What are the two fundamental qualities that make the accounting information useful for decision making?
  6. What are the three components needed to have relevance in decision making? Briefly explain each.
  7. What are the three components needed to have faithful representation in decision making? Briefly explain each.
  8. What are the four enhancing qualities that help distinguish more useful information from less useful information?
  9. What are the basic elements of financial statements?
  10. Briefly explain the four basic assumptions of the financial accounting structure?
  11. What are the two most commonly used measurement principles?
  12. What is revenue recognition principle?
  13. What is expense recognition principle?
  14. What is the difference between product cost and period cost?
  15. What is full disclosure principle?
  16. What is cost constraint?

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