LO1-01: Describe the function and primary focus of financial accounting.
LO1-02: Explain the difference between cash and accrual accounting.
LO1-03: Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards, including convergence between US and international standards.
LO1-04: Explain why establishing accounting standards is characterized as a political process.
LO1-05: Explain factors that encourage high-quality financial reporting.
LO1-06: Explain the purpose of the conceptual framework.
LO1-07: Identify the objective and qualitative characteristics of financial reporting information and the elements of financial statements.
LO1-08: Describe the four basic assumptions underlying GAAP.
LO1-09: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.
LO1-10: Contrast a revenue/expense approach and an asset/liability approach to accounting standard setting.