{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 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 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 ASSIGNMENT CHARACTERISTICS TABLE 2-3 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 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 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 accounting and financial statements....
View Full Document

{[ snackBarMessage ]}

Page1 / 31

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

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online