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CHAPTER 2— INVESTING AND FINANCING DECISIONS AND THE BALANCE SHEET The Conceptual Framework The Primary Objectives of External Reporting Qualitative Characteristics Relevant Reliable Comparable Consistent Assumptions Separate-entity assumption Unit-of-measure assumption Continuity (going-concern) assumption Principles Historical Cost Revenue Recognition Matching Constraints Cost-Benefit Materiality Industry Peculiarities Conservatism Elements of the Balance Sheet Assets Current Assets Liabilities Current liabilities Stockholders Equity Contributed Capital Retained Earnings Business Transactions Accounts Acc 311 - Sp 2007 Chapter 2 Outline Page 1
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Transaction Analysis 1. Identify the accounts affected 2. Classify each account as A, L, or SE 3. Determine the direction of the effect (increase or decrease) for each account.
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