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Acct 201 Ch1 - Full-disclosure principle 3 Cause-and-effect...

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E 1-3 (Page 39) 1. Accounting Principles Board e. APBOs 2. Financial Accounting Standards Board a. Statement of Financial Accounting Concepts d. Statement of Financial Accounting Standards g. Technical Bulletins 3. Securities and Exchange Commission b. Financial Reporting Releases 4. Committee on Accounting Procedure c. Accounting Research Bulletin 5. AICPA f. Industry Accounting Guides E1-4 1. EITF Issues – Rulings on emerging issues that do not require FASB action . 2. Statements of Financial Accounting Concepts – Provide guidelines for developing accounting standards . 3. Statements of Financial Accounting Standards – Primary pronouncements issued by the FASB . 4. International Financial Reporting Standards – Issued by the IASB . 5. Industry Accounting Guides – Issued by the AICPA . 6. Accounting Principles Board Opinions – Issued by the FASB’s predecessor . E 1-14 (Page 42) 1. Revenue is recognized only after certain criteria are satisfied. –f. Realization principle 2. Information that could affect decision making should be reported.—h.
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Unformatted text preview: Full-disclosure principle 3. Cause-and-effect relationship between revenues and expenses. –g. Matching principle 4. The basis for measurement of many assets and liabilities. –d. Monetary unit assumption 5. Relates to the qualitative characteristic of timeliness. –c. Periodicity assumptions 6. All economic events can be identified with a particular entity. –a. Economic entity assumption 7. The benefits of providing accounting information should exceed the cost of doing so. –i. Cost effectiveness 8. A consequence is that GAAP need not be followed in all situations. –j. Materiality 9. Not a qualitative characteristics, but a practical justification for some accounting choices. –k. Conservatism 10. Assumes the entity will continue indefinitely. –b. Going concern assumption 11. Inflation causes a violation of this assumption. –e. Historical cost principle...
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