{"id":2844,"date":"2020-09-10T23:23:05","date_gmt":"2020-09-10T23:23:05","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/?post_type=chapter&p=2844"},"modified":"2020-11-17T03:32:44","modified_gmt":"2020-11-17T03:32:44","slug":"introduction-to-fundamental-concepts-of-u-s-accounting-standards","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/introduction-to-fundamental-concepts-of-u-s-accounting-standards\/","title":{"raw":"Introduction to Fundamental Concepts of US Accounting Standards","rendered":"Introduction to Fundamental Concepts of US Accounting Standards"},"content":{"raw":"

What you'll learn to do:\u00a0Identify fundamental concepts of Generally Accepted Accounting Principles<\/h2>\r\nThe objectives of financial reporting, as discussed in the FASB Statement of Financial Accounting Concepts No. 1, are to provide information that:\r\n
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  1. Is useful to existing and potential investors and creditors and other users in making rational investment, credit, and similar decisions;<\/li>\r\n \t
  2. Helps existing and potential investors and creditors and other users to assess the amounts, timing, and uncertainty of prospective net cash inflows to the enterprise; and<\/li>\r\n \t
  3. Identifies the economic resources of an enterprise, the claims to those resources, and the effects that transactions, events, and circumstances have on those resources.<\/li>\r\n<\/ol>\r\nIn order to provide the best information possible in light of those objectives, GAAP embodies the following high-level guidance:\r\n