02 Jul Discussion post
Question Description
In your textbook, read Case C2-14: Inconsistent Statements on Accounting Principles. Choose Statement 1 or 2 and prepare a response to the two questions posed. Use your readings from the text and at least one additional academic resource to provide support for your response. The following resources can be used along with any others that are considered authoritative on the subject:
FASB Codification: Use the username and password provided to access this resource. Username: AAA52882 Password: 5RvPZ8q
AICPA website
IASB website
Below is the case:
Inconsistent Statements on Accounting Principles
LO 2.2 LO 2.5 AICPA Adapted The following two statements have been taken directly or with some modification from the accounting literature. Each of them is either taken out of context, involves circular reasoning, and/or contains one or more fallacies, half-truths, erroneous comments, conclusions, or inconsistencies (internally or with generally accepted principles or practices).
Statement 1 Accounting is a service activity. Its function is to provide quantitative financial information that is intended to be useful in making economic decisions about and for companies. Thus, the accounting function might be viewed primarily as being a tool or device for providing quantitative financial information to management to facilitate decision making.
Statement 2 Financial statements that were developed in accordance with generally accepted accounting principles should be conservative.
Required:
Evaluate each of the preceding numbered statements as follows:
List the fallacies, half-truths, circular reasoning, erroneous comments or conclusions, and/or inconsistencies.
Explain by what authority and/or on what basis each item listed can be considered to be fallacious, circular, inconsistent, a half-truth, or an erroneous comment or conclusion. If the statement or a portion of it is merely out of context, indicate the context(s) in which the statement would be correct.
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