Ch 2 - CHAPTER 2 Conceptual Framework Underlying Financial...

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CHAPTER 2 Conceptual Framework Underlying Financial Accounting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Concepts for Analysis 1. Conceptual framework– general. 1, 21 1, 2 2. Objectives of financial reporting. 2, 5 3 3. Qualitative characteristics of accounting. 3, 4, 6, 24 1, 2 1, 2 4 4. Elements of financial statements. 7, 8, 9 3, 9, 10 3 5. Basic assumptions. 10, 11, 12 4 4, 5 6. Basic principles: a. Historical cost. b. Revenue recognition. c. Expense matching. d. Full disclosure. 13, 14, 15 16, 17, 18 19 20, 21, 22 5 4, 5 5 4, 5 4, 5, 6 5, 6 5, 6, 7, 8, 9, 10, 11 7. Accounting principles– comprehensive. 7, 8 8. Constraints. 23, 24, 25, 26 6, 7 1 12 9. Comprehensive assign- ments on assumptions, principles, and constraints. 8 4, 5 2-1
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ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exerci ses 1. Describe the usefulness of a conceptual frame work. 2. Describe the FASB’s efforts to construct a conceptual framework. 3. Understand the objectives of financial reporting. 4. Identify the qualitative characteristics of accounting information. 1, 2 1, 2 5. Describe the basic elements of financial statements. 3, 10 3 6. Describe the basic assumptions of accounting. 4, 8, 9 4, 5 7. Explain the application of the basic principles of accounting. 5, 9 4, 5, 6, 7, 8 8. Describe the impact that constraints have on reporting accounting information. 6, 7, 9 1, 4, 5 2-2
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ASSIGNMENT CHARACTERISTICS TABLE 2-3
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It e m Description Level of Difficu lty Time (minut es) E 2- 1 Qualitative characteristics. Moder ate 25–30 E 2- 2 Qualitative characteristics. Simple 15–20 E 2- 3 Elements of financial statements. Simple 15–20 E 2- 4 Assumptions, principles, and constraints. Simple 15–20 E 2- 5 Assumptions, principles, and constraints. Moder ate 20–25 E 2- 6 Full disclosure principle. Compl ex 20–25 E 2- 7 Accounting principles–comprehensive. Moder ate 20–25 E 2- 8 Accounting principles–comprehensive. Moder ate 20–25 C A 2- 1 Conceptual framework–general. Simple 20–25 C A 2- 2 Conceptual framework–general. Simple 25–35 C A 2- 3 Objectives of financial reporting. Moder ate 25–35 C A 2- 4 Qualitative characteristics. Moder ate 30–35 C A 2- 5 Revenue recognition and matching principle. Compl ex 25–30 C A 2- 6 Revenue recognition and matching principle. Moder ate 30–35 2-4
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C A 2- 7 Matching principle. Compl ex 20–25 C A 2- 8 Matching principle. Moder ate 20–25 C A 2- 9 Matching principle. Moder ate 20–30 C A 2- 10 Qualitative characteristics. Moder ate 20–30 C A 2- 11 Matching–ethics Moder ate 20–25 C A 2- 12 Cost/Benefit Moder ate 30–35 2-5
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ANSWERS TO QUESTIONS 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: 1. It will enable the FASB to issue more useful and consistent standards in the future.
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