a) For which classification of users are financial statements
prepared? What characteristic of these users makes the development
of generally accepted accounting principles necessary?
b) Describe the three concepts from the Conceptual Framework
that work together to create accrual accounting
1: Users of
financial statements
Identify at least three types of users of financial statements.
Describe their primary use of the financial statements and how the
misstatement of those statements might injure the user.
2: Overview
of the Financial Statement Audit
What is a financial statement audit, and what is the overall
objective of the audit? What must the auditor do to accomplish this
objective?
Explain what is meant by financial accounting and the primary
users. Do you think it is important to have rules for presentation
of financial statements? Why or why not?
300 words
1) Companies prepare four primary financial statements. What are
those financial statements, and what information is typically
conveyed by each?
2) What are the two essential characteristics of an assets?
Distinguish between managerial and financial accounting as to
primary users of reports? What types and frequency of reports, and
the content and purpose of reports? how does it effect a
comapny