5.1: Learning objectives

After studying this chapter, you should be able to:

• Identify and discuss the underlying assumptions or concepts of accounting.

• Identify and discuss the major principles of accounting.

• Identify and discuss the modifying conventions (or constraints) of accounting.

• Describe the conceptual framework project of the Financial Accounting Standards Board.

• Discuss the nature and content of a company's summary of significant accounting policies in its annual report.