Accounting Theory

Learning objectives

After studying this chapter, you should be able to:

  • Identify and discuss the underlying assumptions or concepts of accounting. 
  • Identify and discuss the major principles of accounting. 
  • Identify and discuss the modifying conventions (or constraints) of accounting. 
  • Describe the conceptual framework project of the Financial Accounting Standards Board. 
  • Discuss the nature and content of a company's summary of significant accounting policies in its annual report.

Source: Textbook Equity,
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