As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the FASB Conceptual Framework.
Instructions
Go to the FASB website, http://www.fasb.org, to access the FASB Concepts Statements. When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following items. (Provide paragraph citations.)
(a) What is the objective of financial reporting?
(b) What other means are there of communicating information, besides financial statements?
(c) Indicate some of the users and the information they are most directly concerned with in economic decision-making.
Solution
a) objectives
.
As a newly enrolled accounting major- you are anxious to better unders.docx
1. As a newly enrolled accounting major, you are anxious to better understand accounting
institutions and sources of accounting literature. As a first step, you decide to explore the FASB
Conceptual Framework.
Instructions
Go to the FASB website, http://www.fasb.org, to access the FASB Concepts Statements. When
you have accessed the documents, you can use the search tool in your Internet browser to
respond to the following items. (Provide paragraph citations.)
(a) What is the objective of financial reporting?
(b) What other means are there of communicating information, besides financial statements?
(c) Indicate some of the users and the information they are most directly concerned with in
economic decision-making.
Solution
a) objectives
