Financial Accounting 331 Using Conceptual Framework For Financial Reporting Especially On Faithful Representation

Question Description

Accounting 331– Writing Assignment

Topic/Case:

In our study of the Conceptual Framework for Financial Reporting (Chapter 2), we noted that Faithful Representation was one of the key qualitative characteristics.

In your report,

  • Explain the importance of this characteristic,
  • List the elements that make up Faithful Representation and explain their relevance to today’s accounting environment within a business’ operations.
  • Explain how it relates to the overall objective of the Conceptual Framework for financial reporting
  • With respect to the Enron fraud, give one example where this characteristic was violated.

Format: The assignment length should be 2 to 3 pages, excluding cover page and references, with double spacing.

Please use the following page formatting for the assignment:

  • One-inch margins
  • Double-spacing
  • Size 12 Times New Roman font

Your write up should have the following sections:

  • Cover Page
  • Executive summary (a one or two paragraph condensed description of the issue and your suggested solution)
  • Analysis:
  • Conclusion
  • References (can also be included in the footnotes).
  • Name
  • Class title and section number
  • Due date
  • Description of the issue (facts)
  • Analysis of facts
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