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The effects of accounting assumptions on the accounting process

This assignment will familiarize you with accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, and accounting policies. After completing this assignment, you will understand:
  • The effects of accounting assumptions on the accounting process.
  • The effects of accounting concepts on the accounting process.
  • How generally accepted accounting principles (GAAP) affect financial reporting.
  • The impact of modifying conventions on the accounting process.
  • How accounting objectives, qualitative characteristics, and policies affect financial reporting.
Instructions
Respond to the following questions or problems using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question.
  1. Question 1:


    • Proficient:

      • Discuss the effects of four of the five major accounting assumptions on the accounting process.
    • Distinguished:

      • Identify and completely discusses all five of the major accounting assumptions.
  1. Question 2:


    • Proficient:

      • There are other basic accounting concepts that affect accounting for entities. List and describe four of the five concepts’ impact on the accounting process.
    • Distinguished:

      • List and describe all five concepts’ impact on the accounting process.
  1. Question 3:


    • Proficient:

      • GAAP set forth standards or methods for presenting financial accounting information. List and describe the purpose for four of the five major accounting principles.
    • Distinguished:

      • List and describe all five major accounting principles.
  1. Question 4:


    • Proficient:

      • In certain instances, companies do not strictly apply accounting principles because of modifying conventions or constraints. Identify and describe the impact on the accounting process of the three modifying conventions as presented in the

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