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Unformatted text preview: The conceptual framework is expected to provide useful and efficient financial information by companies. The Financial Accounting Standards Board (FASB) has developed seven (7) statements of financial accounting concepts. These concepts, among other things, define and identify the elements to be reported, when to report them, and how they are measured. The elements include assets, liabilities, revenues, and expenses. By taking this course and the courses to follow, I feel that I am better prepared to enter into the professional accounting world. It has helped me as a student by giving me a better understanding of accounting and the principles and procedures used in accounting. As a person it has enabled me to construct a better budget for my family, as well as, prepared me with some of the information needed for investing....
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This note was uploaded on 05/30/2011 for the course ACC 300 taught by Professor K.snow during the Spring '09 term at Kaplan University.
- Spring '09