conceptualframework

conceptualframework - BUAD 2040 Financial Accounting...

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BUAD 2040  Financial Accounting Information Conceptual Framework  Supplement Objectives of FA Qualitative Characteristics Elements Assumptions Principles Constraints
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Conceptual Framework Conceptual Framework Objective of Financial Reporting Qualitative Characteristics Secondary Characteristics   Assumptions Elements Broad Principles Constraints
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Objective of Financial Reporting  Financial reporting should provide  information 1. Useful in making investment, credit, and  similar decisions 2. Useful in assessing cash flow prospects 3. About company resources, claims to those  resources and changes in them
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Qualitative Characteristics Provide criteria used to select and evaluate accounting  information to meet objectives of financial reporting 1. Relevance – make a difference to decision making process a. Predictive Value – ability to assist users in evaluating post,  present, and future events b. Feedback Value – enables users to conform prior 
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conceptualframework - BUAD 2040 Financial Accounting...

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