Submitted by: Submitted by PMalt
Views: 794
Words: 609
Pages: 3
Category: Business and Industry
Date Submitted: 09/06/2010 05:47 PM
Question 1:
Generally accepted accounting principles are a set of standards and rules that are recognized as a general guide for financial reporting. The FASB and the SEC help provide authoritative support.
Question 2:
The FASB’s conceptual framework consist of objectives of financial reporting, qualities of accounting information, elements of financial statements, and operating guidelines.
Financial information for Blevins Inc
December 31, 2009 December 31, 2008
Current assets $125,000 $100,000
Plant assets (net) 396,000 330,000
Current liabilities 91,000 70,000
Long-term liabilities 133,000 95,000
Common stock, $1 par 161,000 115,000
Retained earnings 136,000 150,000
BLEVINS INC.
Condensed Balance Sheets
December 31
| | | | | | |Increase or (Decrease) |
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| | |2009 | |2008 | |Amount | |Percentage |
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|Assets | | | | | | | | |
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|Current assets...