published by uits student

2. Conceptual
Framework

5. 1 • Basic objectives of financial reporting
2
• Qualitative characteristics of accounting information
3
• Financial statement elements
4
• Recognition criteria for financial statements

6. Basic objectives of
financial reporting

7.  Two types of qualities-
Primary
Relevance
Timeliness
Predictive value
Feedback value
Reliability verifiability
Representational
faithfulness
Neutrality

8. secondary
ConsistencyComparability

9. Assets
Liabilities
Equity
Revenues
Expenses

10. Accounting
Assumptions
Accounting
Principles
Constraints
conventions

11.  Accounting Assumptions
◦ Historical cost principle
◦ Full disclosure principle
Accounting principle
Business entity
Going concern
Constraints conventions
Cost benefit
Conservatism