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“The Veldt” by Ray Bradbury is no doubt a very interesting text to talk about but more important than that is the main idea of the book which has grabbed my attention. It is mainly about the dark effe...

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Week Two General Discussion Question

Week Two General Discussion Question

Q Reply to the following instructor's general discussion question(s) according to the discussion board guidelines. Chapter 2 illustrates the importance and structure of the conceptual framework for financial reporting: the "why", the "what", and the "how". Illustration 2.7 on page 2-22 provides a great summary. GAAP is built on this framework. Choose two items from the second or third levels of the inverted pyramid that resonate with you. Do not choose anything from the Elements section. Tell us why they resonate with you.

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The accounting assumptions, concepts, and constraints that make up GAAP are reflected in the provided conceptual framework. The two most interesting concepts to me are Monetary Unit and Cost. Monetary Unit Bookkeeping only records monetary transactions. These deals are conducted in hard currency, hence they must be recorded in ledgers. When preparing financial statements, only monetary transactions and events that can be accurately reflected in numbers are included. Appointing a competent worker is one such instance.