Difference between revisions of "Sandbox"

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Intermediate Accounting Aims
 
Intermediate Accounting Aims

Revision as of 06:17, 18 October 2008

Weekly Poll

For the week of 12/25/04 - 1/1/05

Who is your favorite Chrono Trigger character? Is it Magus, with his killer look, or Crono, because of Luminaire?

Vote here! You do not have to be registered on the forums to vote!
Remix Watch
December 2004

Content Update
New features at the Chrono Compendium

Intermediate Accounting Aims

  • Capital allocation and investment decisions
  • Help investors assess amounts, timing, and uncertainty of prospective cash receipts
  • Clearly portray economic resources of an enterprise and claims on them

Intermediate Accounting Qualitative Concepts (Concepts No. 2)

  • Understandablity
  • Relevance (Predictive value, feedback value, timeliness)
  • Reliability (Verifiability, representational faithfulness, neutrality)
  • Comparability
  • Consistency

Intermediate Accounting Basic Elements

  • Assets
  • Liabilities
  • Equity
  • Investments by Owners
  • Distributions to Owners
  • Comprehensive Income
  • Revenues
  • Expenses
  • Gains
  • Losses

Intermediate Accounting Recognition Assumptions Etc.

  • Economic Entity
  • Going Concern Assumptions
  • Monetary Unit Assumption
  • Periodicity Assumption
  • Historical Cost Principle
  • Revenue Recognition (realized, earned, recognition)
  • Matching Principle
  • Full disclosure

Intermediate Accounting Constraints

  • Cost-benefit of producing information
  • Materiality
  • Industry practices
  • Conservatism – choose least likely to overstate assets and income
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