Conceptual Framework - the FASB Conceptual Framework Links Accounting Information

question 37

Essay

Conceptual framework - The FASB Conceptual Framework links accounting information systems with other areas of accounting, such as intermediate accounting and auditing. The first level of the conceptual framework explains the objective of financial reporting; the second level discusses elements of financial statements and qualitative characteristics. The framework's third level presents twelve fundamental accounting ideas (listed below), organized in three categories. Identify each category with its proper name from the conceptual framework, then organize the ideas based on the three categories. Use the grid provided for your answers.
$\begin{array}{ll}\text { Conservatism } & \text { Industry practices } \\\text { Cost effectiveness } & \text { Matching } \\\text { Economic entity } & \text { Materiality } \\\text { Full disclosure } & \text { Monetary unit } \\\text { Going concern } & \text { Periodicity } \\\text { Historical cost } & \text { Realization }\end{array}$

$$\begin{array} { | l | l | l | } \hline \text { Category name: } & \text { Category name: } & \text { Category name: } \\\underline{\quad\quad\quad\quad}&\underline{\quad\quad\quad\quad}&\underline{\quad\quad\quad\quad}\\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

YouTube

A digital platform and website for video sharing and viewing, where users can upload, view, rate, share, and comment on content.

Propaganda Model

A conceptual framework for understanding how propaganda and systemic biases function in mass media, often emphasizing control by elite interests.

Herman And Chomsky

Noam Chomsky and Edward S. Herman, authors of the propaganda model of communication, critiquing media control by economic forces.

Symbolic Interactionist

A perspective in sociology that focuses on the way individuals interpret and give meaning to their social world through symbolic interactions.