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STATEMENT OF THE ACCOUNTING PRINCIPLES BOARD 4 Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises
C O N T E N T S Paragraph
Chapter Numbers
1 PURPOSE AND NATURE OF THE STATEMENT 1-8
Purpose of the Statement 1-2 Nature of the Statement 3-7 Terminology 8
2 SUMMARY OF THE STATEMENT 9-39 Financial Statements 10-16 The Environment of Financial Accounting 17-20 Objectives of Financial Accounting and
Financial Statements 21-24 Basic Features and Basic Elements of Financial
Accounting 25-26 Generally Accepted Accounting Principles 27-31 Dynamic Nature of Financial Accounting 32 Characteristics and Limitations of Financial
Accounting and Financial Statements 33-35 Use of Financial Accounting Information 36-39
Issued by the Accounting Principles Board of the American Institute of Certified Public Accountants
COPYRIGHT 1 9 7 0 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. 6 6 6 F I F T H A V E N U E , N E W Y O R K , N E W YORK 1 0 0 1 9
OCTOBER 1970
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