Xacc 280 Week 1 Checkpoint Accounting Assumptions, Principles, and Constraints

Week 1 CheckPoint: Accounting Assumptions, Principles, and Constraints

• Write an essay in 250 to 300 words, including the following:

o The basic assumptions of accounting

o The principles of accounting

o The constraints of accounting

o A conclusion stating how you think sound financial reporting depends on principles,

assumptions, and constraints. Refer to the U.S. GAAP in your response.

CheckPoint: The Accounting Equation

• View PhxKlips The Accounting Equation on your student Web site.

• Write an explanation of the function of each element in the accounting equation, using 100 to

150 words.

• Complete E1-5 on p. 34 of Financial Accounting.

• Post your explanation of the elements in the accounting equation with the answers to E1-5.