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Conceptual Framework of Accounting, YOU NEED TO KNOW for CPA

The FASB Conceptual Framework is the foundation of the FASB Statements of Accounting Standards, the bulk of GAAP.
3.5 (20 ratings)
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3,615 students enrolled
Published 2/2015
  • 1 hour on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
Explain the FASB conceptual framework
Understand the relationship among the objectives of financial reporting
Identify the general objective of financial reporting
Describe the three specific objectives of financial reporting
Discuss the types of useful information for investment and credit decision making
Explain the qualities of useful accounting information
Understand the accounting assumptions and principles that influence GAAP
Define the elements of financial statements
List the qualitative characteristics of useful information in the tentative FASB and IASB joint conceptual framework
View Curriculum
  • This class is best suited for those that have had intro to accounting. However, a review of intro accounting material is included.

Accounting students and learners! I am Cliff Hendren, a Certified Public Accountant with an MBA from the University of Tennessee. I have over 5 years experience teaching online accounting classes for the major online universities. I have designed this class so you get EXACTLY what you need to be successful in your understanding of accounting. And in particular, this class is like a 24 hour, 7 day per week tutoring session for your university accounting class.

The Financial Accounting Standards Board (FASB) Conceptual Framework is very challenging for accounting students because it is theory based. It is the building block of all the accounting rules that are included in Generally Accepted Accounting Principles (GAAP). By understanding the conceptual framework, you will get insight into the basis for the accounting rules. Example concepts that drive the accounting rules are:

  • The Matching Principle
  • The Monetary Unit Assumption
  • The Going-Concern Assumption
  • Materiality
  • The Entity Assumption

The course will give you everything that you need to know for the FASB Conceptual Framework, which is typically Chapter 2 of most Intermediate Accounting texts. The material presented is in a condensed format in 5 lectures so that you get everything you need to be successful in your Intermediate Accounting class.

You will get videos walk throughs of homework problems with explanations, a power point presentation of all the key concepts that you NEED TO KNOW, example exam questions and a 20 question quiz with explanations that detail the concepts that YOU NEED TO KNOW. In addition, you will be able to download the PowerPoint presentation slides, download lecture notes with all the key concepts, and download the example homework problems that I have worked for you! You will have all the tools that you need to understand the FASB Conceptual Framework!

Who is the target audience?
  • This course is ideal for university and college accounting students that need extra help in their accounting classes.
  • This course is ideal for anyone wanting to learn accounting at an in-depth level, beyond the introductory level
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Curriculum For This Course
Expand All 5 Lectures Collapse All 5 Lectures 44:41
The FASB Conceptual Framework
5 Lectures 44:41

This is an introduction to the course and what you will get in this course.

Course introduction to all the goodies that you will get in this class!

This is an overview of the course objectives

This is an introduction to the material covered and the course material

This video is a power point presentation of the FASB Conceptual Framework. This material is common in nearly all intermediate accounting courses.

Power Point Presentation of the FASB Conceptual Framework

This quiz is over the FASB Conceptual Framework and will emphasize exactly what you need to know.

Practice Quiz for Chapter 2
20 questions

This is a walkthrough of several exam problems that you might see in your intermediate accounting class with explanations.

Walkthrough of example chapter problems

This is a walkthrough of an essay homework problem example that covers the objectives of financial reporting.

Walkthrough of essay homework problem
About the Instructor
4.0 Average rating
119 Reviews
7,865 Students
3 Courses
Certified Public Accountant

I am a Certified Public Accountant in the State of Tennessee, license number 17333. My Masters of Business Administration degree is from the University of Tennessee at Chattanooga, awarded in 2000. My career includes 7 years in public accounting for regional and national CPA firms and 7 years in executive management positions in healthcare as a Chief Financial Officer. In addition, I have taught online accounting classes since 2005 with Strayer University, University of Phoenix, Baker College, Indiana Wesleyan University, National American University and Tennessee Temple University. My experience as on online accounting professor and as a career CPA brings unparalleled value to my classes.

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