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president bloom wants to know how you determine whether or not an accounting princip 643641

BRIDGE TO THE PROFESSION

Professional Research

As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the FASB Conceptual Framework.

Instructions

When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following items. (Provide paragraph citations.)

(a) What is the objective of financial reporting?

(b) What other means are there of communicating information, besides financial statements?

(c) Indicate some of the users and the information they are most directly concerned with in economic decision making.

Professional Simulation

In this simulation, you are asked questions regarding accounting principles. Prepare responses to all parts.

(a) Explain the meaning of the term “accounting principles” as used in the audit report.

(Do not discuss in this part the significance of “generally accepted.”)

(b) President Bloom wants to know how you determine whether or not an accounting principle is generally accepted. Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. Do not merely list the titles of publications.

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