Describe the function and primary focus of financial accounting. |
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Explain the difference between cash and accrual accounting. |
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Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards. |
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Explain why the establishment of accounting standards is characterized as a political process. |
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Explain the purpose of the FASB's conceptual framework. |
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Identify the objectives of financial reporting, the qualitative characteristics of accounting information, and the elements of financial statements. |
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Describe the four basic assumptions underlying GAAP. |
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Describe the four broad accounting principles that guide accounting practice. |