Intermediate Accounting

Questions…

1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

2. What are the major objectives of financial reporting? Who uses financial reporting? What type of information will each user group need? Why?

3. Distinguish between cash-basis accounting and accrual basis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash basis unacceptable.

 
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