AC 551 Unit 3 Assignment Chapter 3

AC 551 Unit 3 Assignment Chapter 3 (Questions 4, 7, 12, 15, and 16, Exercise 7) 

Assignment 1: Complete the following for Chapter 3: Questions 4, 7, 12, 15, and 16; Exercise 7.
What is the FASB conceptual framework project? Explain the benefit of this project to the practitioner.
Give examples of authoritative and nonauthoritative U.S. GAAP.

Authoritative: based on the assumption or concept of financial or government accounting.
Nonauthoritative: based on accounting literature not necessarily accounting principles.
What constitutes U.S. GAAP?
How can the promulgation of an accounting standard impact economic behavior? Discuss a specific example.
Distinguish between primary authoritative support and secondary authoritative support.




AC551: Accounting Research

Unit 3 Chapter 3 Questions



# 4 – What is xxxxxx FASB conceptual framexxxxxx project? Explain xxxxxx xxxxxx of xxxxxx project to xxxxxx practitioner. The objective of xxxxxx conceptual framexxxxxx project is to develop an improved conceptual framexxxxxx xxxxxx xxxxxx