Module 9: Basic Theory and Financial Reporting
Overview
This module covers basic concepts such as the conceptual framework and revenue recognition, error correction such as counterbalancing and classification errors, accounting changes such as changes in principle and changes in estimates, and financial statements such as the income statement and balance sheet.
A. Basic Concepts
Key Terms
Multiple-Choice Questions
Multiple-Choice Answers and Explanations
Simulations
Simulation Solutions
B. Error Correction
Multiple-Choice Questions
Multiple-Choice Answers and Explanations
Simulations
Simulation Solutions
C. Accounting Changes
Key Terms
Multiple-Choice Questions
Multiple-Choice Answers and Explanations
Simulations
Simulation Solutions
D. Financial Statements
Key Terms
Multiple-Choice Questions
Multiple-Choice Answers and Explanations
Simulations
Simulation Solutions
US GAAP is the basis for financial reporting but it does not constitute a cohesive body of accounting theory. Concept Statements were issued to provide a theoretical framework for accounting standard development and a basis for financial reporting.
As of July 1, 2009, the Accounting Standards Codification (ASC) became the single source for US GAAP. The relevant Accounting Standards Codification topic is indicated in the discussion with a cross-reference to the previous accounting literature (i.e., ARB, APB, SFAS, and SFAC). Appendix A of this text includes an outline of the pre-Codification standards with a cross reference ...
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