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[Intermediate Accounting I] Assignment Details and Rubric GEL 1.2: Demonstrate college-level communication through the composition of original materials in Standard English. Assignment Directions: In the study of accounting it is important to have the necessary skills to use electronic libraries and databases for research purposes. Professional Research Students will complete the "Bridge to the Profession: Professional Research" case scenario found on p. 77 of the Wiley text. Students will submit a written Assignment addressing the required prompts. Case Scenario: Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of the terms she has come across related to accounting. Go to http://www.fasb.org and access the FASB Concepts Statements and respond to the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser. a) How is "materiality" defined in the conceptual framework? b) The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identify at least two of these examples. Do you think materiality guidelines should be quantified? Why or why not? c) The concepts statements discuss the concept of "articulation" between financial statement elements. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. Submit your paper to the Unit 4 Dropbox. 1 [Intermediate Accounting I] Unit 4 Assignment Grading Rubric How is "materiality" defined in the conceptual framework? Provide two examples of quantitative materiality guidelines and discuss whether or not the guidelines should be quantified. Summarize the meaning of \"articulation\" and how it relates to financial statements. Percentage Possible Points 33% 8 33% 8 34% 9 100% 25 Points Points Earned suggestion - Include correct citations Total: 2