How does FASB use their conceptual framework (objectives, qualitative characteristics, elements, and recognition and measurement), and what are accounting principles, assumptions and constraints.

Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

What are the two of the qualitative characteristics of accounting information that contribute to its relevance and representational faithfulness?

Identify the primary purposes of the General Standards Rule, the Compliance with Standards Rule, and the Accounting Principles Rule of the Rules of Conduct.

Discuss the assumptions underlying accounting measurement and explain their significance.

Describe rules-based accounting standards.

Briefly explain the importance of independence of the accounting function in Accounting Information System. Explainthe areas for which this concept is important.

Which function do accounting information systems provide in current accounting procedures?

What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting system? Why?