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Lecture Notes for ACIS 3115 - Intermediate Financial Acct with Lobingier at Virginia Tech (VT)

Notes Information

Material Type:Class Note
Professor:Lobingier
Class:ACIS 3115 - Intermediate Financial Acct
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2008
Keywords:
  • Materiality
  • Disclosure Principle
  • Economic Entity Assumption
  • Full Disclosure Principle
  • Cost Principle
  • Matching Principle
  • Circumstances
  • Information
  • Historical Cost
  • Different Points
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Sample Document Text

2-1 CHAPTER 2 Conceptual Framework Underlying Financial Accounting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Concepts for Analysis 1. Conceptual framework-general. 1, 21 1, 2 2. Objectives of financial reporting. 2, 5 3 3. Qualitative characteristics of accounting. 3, 4, 6, 24 1, 2 1, 2 4 4. Elements of financial statements. 7, 8, 9 3, 9, 10 3 5. Basic assumptions. 10, 11, 12 4 4, 5 6. Basic principles: a. Historical cost. b. Revenue recognition. c. Expense matching. d. Full disclosure. 13, 14, 15 16, 17, 18 19 20, 21, 22 5 4, 5 5 4, 5 4, 5, 6 5, 6 5, 6, 7, 8, 9, 10, 11 7. Accounting principles-comprehensive. 7, 8 8. Constraints. 23, 24, 25, 26 6, 7 1 12 9. Comprehensive assign- ments on assumptions, principles, and constraints. 8 4, 5 2-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises 1. Describe the usefulness of a conceptual frame work. 2. Describe the F...

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