Accounting Theory

So, my online courses are open and I'm ready to go. I've put together the course schedule and mapped out when all my modules and assignments and quizzes are due and it looks like it will be a busy summer. And I'll be taking off about 2 weeks in July too so I need to get moving so I'm not behind when I get back.

Today I'm working on review of GAAP--what a coincidence. So, all the Principles I learned last semester are being broken down into Assumptions, Principles, and Constraints. This actually may make it easier to remember.

And there is a discussion thread I need to participate in for 2.5% of my grade. But I don't even understand the question. I'll post it here and try to work it out. Maybe my next post will be my submission to the thread.

We explored various methods of valuing inventory, such as FIFO, LIFO, weighted average and specific identification. In considering the advantages and disadvantages of these methods, one of the advantages of the FIFO method is that ending inventory on the balance sheet most closely approximates its replacement value. If that is seen to be an advantage, then why do we not restate all values on the balance sheet at replacement cost?

Discuss the implications mindful of the qualitative characteristics of the conceptual framework.

One of the reasons I was drawn to CGA and accounting was because of the finite specifics of numbers. I don't really like discussing theory and business jargon. The questions with a real answer (like $1,450,231.75) I have no problem with. I actually aced every math question in my final course, it's the written paragraphs that are going to get me.