Conceptual Framework of Accounting

Part 2:  Each individual is assigned one of the following four discussion topics from Chapters 1 and 2 based on your last name.  Your project and paper requirements follow. 

1. Last Name O,P, U, V, W, X,Y,Z:  Conceptual Framework of Accounting

EXPECTATIONS

For the selected discussion topic, identify the most important terms associated with this discussion topic from the accounting terms you have defined.  The terms should relate to the common business environment, regulatory position or applied accounting for this topic.  Definitions and illustrative information can be located in your textbook and other library or online sources.  Utilize examples when possible. 

Your report must include:

1. A concise overview of the discussion topic which you selected.  Include characteristics, formal regulatory concepts and recent changes, if any. 
2. Identify which areas of accounting you would generally expect to find your topic.  Who would be the most common users of your topic’s area?
3. Identify the accounting statements which your topic most impacts.
4. Your opinion of the business impact and significance of your topic with an example of where or who would use them.

PAPER REQUIREMENTS:

The case paper must be 2 pages long and no longer than 4 pages.  Your report must be written in APA 6^th edition in Times New Roman, 12 point font with one inch margins and single or single/half spacing . The source of the definitions and/or examples must be sourced.