Concept – FASB Concepts
Financial Accounting and Intermediate Accounting
Spiceland, Nelson, and Thomas and Spiceland, Thomas, and Herrman
05th Edition, 06th Edition, and 10th Edition
What concepts are within the FASB conceptual framework?
What concepts are within the FASB conceptual framework?
Before issuing an Accounting Standards Update, what does FASB undertake as a series of info-gathering steps
Predictive value, confirmatory value, and what all are associated with the fundamental characteristic of relevance.
What organizations provide financial information to external users?
The general ledger accounts serve as what type of accounts.
Arguments against the establishment of a single set of global accounting standards for all the world to use?
A problem is that differences in implementation and enforcement of the IFRS standards across countries can hinder the what of financial statements.
To increase a liability, credit/debit the liability account and to increase an asset, one should credit/debit the asset account.
Indicate whether normal balance of the accounts is debit or credit. (cash, revenue, expense, accts payable, equipment, retained earnings, accts receivable, dividends, common stock)