where is the answers for these questions? Please send me the answers as soon as possible.

Homework #5 ACCT 3030 - Spring 2016 Due Thursday, January 28, 2016 Assignment Point Value = 10 points Student Name________________________ You are developing research skills and reviewing or learning concepts as you complete this assignment. This assignment includes two problems with multiple questions in each problem. You will be required to access information via the Internet to complete this assignment. Do NOT attempt to use your textbook for this assignment. PROBLEM 1 The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Concepts (CON) No. 8 in September 2010 to replace CON1 and CON2. READ the introduction to CON8 and paragraphs OB1 - OB21 in CON8. You will find the Concepts Statements at www.fasb.org under the Standards tab at the top of the page. ANSWER the following questions based on your reading of the above parts of CON8. If you use sentences or phrases verbatim (word-for-word) from CON8, make sure you put these quotes in quotation marks so that you are not representing FASB's words as your own. 1) What is the Conceptual Framework? 2) Who is \"likely to be the most direct beneficiary of the guidance provided by Concepts Statements\"? 3) Are the Concepts Statements considered authoritative accounting literature? In other words, are the Concepts Statements part of generally accepted accounting principles (GAAP)? 4) State the objective of financial reporting, and identify the paragraph in which you found this objective statement. 5) Answer Yes or No. Are general purpose financial reports designed to show a reporting entity's value? 6) Who are the primary users of general purpose financial reports? 7) What type of accounting best reflects \"financial performance\"? PROBLEM 2 Use Statement of Financial Accounting Concepts (CON) No. 5, Recognition and Measurement in Financial Statements of Business Enterprises (as amended) to answer the following questions. You will not need to read the entire CON5 for this problem. 1) Define \"recognition,\" and state the paragraph number in which \"recognition\" is defined. This means you can't just use the Highlights at the beginning of the CON5 document to answer this item. 2) Read CON5, pars. 58 - 70. Prior to CON8, the Conceptual Framework identified relevance and reliability as the two primary (or fundamental) qualitative characteristics of useful financial information. The FASB is in the process of amending CON5 so that it is consistent with the new concepts in CON8. a) List the first two (of four) fundamental recognition criteria. b) \"Measurability\" involves two things: a relevant (measurement) attribute and sufficiently reliable measurement. List the 5 measurement attributes discussed in CON5, par. 67, and provide one example of an asset or liability for which each attribute is used in current practice. Homework #5 ACCT 3030 - Spring 2016 Due Thursday, January 28, 2016 Assignment Point Value = 10 points Student Name________________________ You are developing research skills and reviewing or learning concepts as you complete this assignment. This assignment includes two problems with multiple questions in each problem. You will be required to access information via the Internet to complete this assignment. Do NOT attempt to use your textbook for this assignment. PROBLEM 1 The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Concepts (CON) No. 8 in September 2010 to replace CON1 and CON2. READ the introduction to CON8 and paragraphs OB1 - OB21 in CON8. You will find the Concepts Statements at www.fasb.org under the Standards tab at the top of the page. ANSWER the following questions based on your reading of the above parts of CON8. If you use sentences or phrases verbatim (word-for-word) from CON8, make sure you put these quotes in quotation marks so that you are not representing FASB's words as your own. 1) What is the Conceptual Framework? 2) Who is \"likely to be the most direct beneficiary of the guidance provided by Concepts Statements\"? 3) Are the Concepts Statements considered authoritative accounting literature? In other words, are the Concepts Statements part of generally accepted accounting principles (GAAP)? 4) State the objective of financial reporting, and identify the paragraph in which you found this objective statement. 5) Answer Yes or No. Are general purpose financial reports designed to show a reporting entity's value? 6) Who are the primary users of general purpose financial reports? 7) What type of accounting best reflects \"financial performance\"? PROBLEM 2 Use Statement of Financial Accounting Concepts (CON) No. 5, Recognition and Measurement in Financial Statements of Business Enterprises (as amended) to answer the following questions. You will not need to read the entire CON5 for this problem. 1) Define \"recognition,\" and state the paragraph number in which \"recognition\" is defined. This means you can't just use the Highlights at the beginning of the CON5 document to answer this item. 2) Read CON5, pars. 58 - 70. Prior to CON8, the Conceptual Framework identified relevance and reliability as the two primary (or fundamental) qualitative characteristics of useful financial information. The FASB is in the process of amending CON5 so that it is consistent with the new concepts in CON8. a) List the first two (of four) fundamental recognition criteria. b) \"Measurability\" involves two things: a relevant (measurement) attribute and sufficiently reliable measurement. List the 5 measurement attributes discussed in CON5, par. 67, and provide one example of an asset or liability for which each attribute is used in current practice