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ACCT 1021 (20)
Chapter 2

Chapter 2 Slides.pdf

20 Pages

Course Code
ACCT 1021
Divya Khaitan

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1152014Investing and Financing Decisions and the Accounting SystemChapter 2Conceptual FrameworkObjective of Financial ReportingTo provide useful economic information to external users for decision making and for assessing future cash flowsElements of StatementsQualitative CharacteristicsAssetRelevancyLiabilityReliabilityStockholders EquityComparabilityRevenueConsistencyExpenseGainLoss11152014Conceptual FrameworkA joint project of the Financial Accounting Standards Board FASB and International Accounting Standards Board IASBObjectiveTo provide financial information about the reporting entityThree major features of the frameworkObjectives of Financial ReportingQualitative Characteristics of Accounting Information Chapter 5Elements of Financial Statements Chapter 1Objectives of Financial StatementsWho are the usersThe users include present and potential investors and creditors and other users in making rational investment credit and similar decisions How do they use the informationIn making investment and credit decisionsIn assessing cash flow prospectsIn understanding enterprises resources claims to those resources and changes in them2
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