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.