Chapter15StudyObjectives - statements To be judged useful...

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1   Explain the mean key items of the co accepted accountin practices that are re financial reporting means that these pr authoritative suppo conceptual framew financial reporting; accounting informa statements; and (4) (assumptions, princ 2   Describe the basic objective of financial reporting. financial information about the reporting company that is useful to pre investors, lenders, and other creditors in making decisions in their cap (investors and creditors). The objective provides information that is (1) useful to those making (2) helpful in assessing future cash flows; and (3) helpful in identifyin claims to those resources (liabilities), and the changes in those resourc 3   Discuss the qualitative characteristics of accounting information a
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Unformatted text preview: statements. To be judged useful, information should possess the follo characteristics: relevance and faithful representation. The elements of definitions that can be used to describe the basic terms used in accoun 4 Identify the basic assumptions used by accountants. economic entity, time period, and going concern. 5 Identify the basic principles of accounting. The major principles are recognition, full disclosure, and measurement. 6 Identify the two constraints in accounting. The major constraints ar 7 Explain the accounting principles used in international operation Standards Board (IASB) is working to obtain conformity in internatio...
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