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LindsayMitchell_unit3_project

LindsayMitchell_unit3_project - Lindsay Mitchell AC300 C2-2...

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Lindsay Mitchell AC300 May 11, 2010 C2-2. Certain accounting assumptions and principles have had an important impact on the development of generally accepted accounting principles. The following is a list of these assumptions and principles as well as a list of statements describing certain accounting practices. 1. A (entity) 2. G (matching) 3. E (monetary unit) 4. C (period of time) 5. B (continuity) 6. F (realization) 7. D (historical cost) 8. H (conservatism) C2-3. The FSAB has identified several objectives of financial reporting. These objectives proceed from the more general to the more general to the more specific and are intended to act as guidelines for providing accounting information in financial reports. Starting with the most general objective, prepare a written report that identifies and briefly explains the objectives of financial reporting. Information Used in Decision Making is the most general objective of financial reporting. It basically means that the reports should supply all necessary information that is needed to make an informed decision.
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