Which of the following is not an objective of the conceptual framework? O a. Provides guidance for transactions not addressed in existing accounting standards O b. Enables implementation of one universal set of accounting standards O c. Enables consistency of qualitative characteristics in financial reports O d. Addresses the common needs of users of financial reports

The following is a list of accounting assumptions and principles that have had an important impact on the development of generally accepted accounting principles and statements describing certain accounting practices. A. Reporting entity B. Going concern C. Period of time D. Historical cost E. Monetary unit F. Recognition G. Accrual accounting H. Revenue recognition I. Expense recognition J. Conservatism Required: Select the accounting assumption or principle that justifies each accounting practice and select the appropriate letter on each statement. 1. To provide timely information, companies prepare and report financial statements at the end of each year. 2. Appropriate recognition when a company consumes economic resources in conducting business operations. 3. Accounting measurements for U.S. companies are reported in dollars. 4. The financial statements represent the business, rather than its owners. 5. In the absence of evidence to the contrary, the business can be reasonably…

The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’. Required: a) Provide one example where information is relevant but not faithfully represented. (explain)  b) Provide one example where information is not relevant but is faithfully represented. (explain) c) Provide one example where information is relevant and faithfully represented. (breifly explain)

Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.