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Accounting Principles & Assumptions Essay

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Financial accounting is the process in which accountants or other professionals compile data of finances and turn it into useful financial reports that are standardized when processes are followed. In order for financial reports to be standardized, it must have guidelines, principals and assumptions to follow. Generally Accepted Accounting Principles “GAAP” is recognized for employing the body of standards. Accounting principles and assumptions work together to ensure a company’s financial reports are consistent, reliable, and understandable. These guidelines “provide both broad and specific guidelines that should be followed when measuring and reporting financial information.” (Lohrey)
Conceptual framework is a standard that is “essentially the underlying foundation for accounting standards.” (Spiceland, Sepe & Nelson, p.19) The foundation for accounting standards is grounded on identification of “good practices from which principles are derived inductively” (Accounting Theory and Conceptual Frameworks) and consistent standards. Conceptual framework compacts fundamental financial reporting challenges and provides a coherent set of standards to help alleviate deviations and allows a financial preparer of reports a set of guidelines to help ensure standardization. It is the framework for financial reporting that allows financial events to be accounted for, measures to be tracked, and the information to be summarized for interested parties. Conceptual framework increases the financial statement reviewers understanding and confidence in the reporting.
Preparing financial reports has standards and guidelines available for standardization; however, it is important to know how to assess the reports. Cash flow analysis illustrates when the cash flow occurred during the accounting period. Timing is very important in regards to cash flow analysis because it provides cash inflow and outflow measurements for different periods of time. Positive cash...

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