Wiley CPA Examination Review Focus Notes
Financial Accounting and Reporting
Chapter One
Objectives of Financial Reporting
Financial statements are designed to meet the objectives of financial reporting:
Balance Sheet Direct Information Financial Position
Statement of Earnings and
Comprehensive Income Direct Information Entity Performance
Statement of Cash Flows Direct Information Entity Cash Flows
Financial Statements Taken
As a Whole Indirect Information Management & Performance
Qualitative Characteristics of Accounting Information
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Elements of Financial Statements
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Basic Rules & Concepts
BLDBLDonsistency
Realization
BLDBLDonservatism
Recognition
Allocation
Matching
Full disclosure
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