Abstract:This series is designed to restore to the introductory accounting course the theoretical structure now missing from most principles texts. Laux 2007(a) offers the justification, and thus far the series has addressed the other major assets—cash, accounts receivable, inventory, property, and intangible assets. "The Conceptual Framework at a Glance" section of the 2007 work uses the hierarchy of accounting characteristics (displayed on the following page) along with a mountain-hiking analogy to describe some of… Show more
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