Do the SFACs That Constitute the Conceptual Framework Establish Generally

question 55

Essay

Do the SFACs that constitute the conceptual framework establish generally accepted accounting principles? What are the benefits and limitations of this approach?

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Definitions:

Reptile Group

A category of ectothermic, vertebrate animals primarily characterized by their ability to lay eggs on land and having scales or scutes.

Birds

A group of endothermic vertebrates characterized by feathers, beaks without teeth, laying of hard-shelled eggs, a high metabolic rate, a four-chambered heart, and a strong yet lightweight skeleton.

Amniote

Vertebrate whose egg has waterproof membranes that allow the embryo to develop away from water; a reptile, bird, or mammal.

Amphibians

Cold-blooded vertebrates that typically begin life in water with gills and metamorphose, developing lungs to live both in water and on land.