1. What are the three functions of an accounting system?2. What are the essential elements in decision making, and how does accounting fit into the process?3. What types of personal decisions have required you to use accounting information?4. What does the term "business" mean to you?5. Why is accounting often referred to as the "language of business"?6. In what ways are the needs of internal and external users of accounting information the same? In what ways are they different?7. What does IFRS stand for? Who sets up the IFRS and are there many countries adopting IFRS? What is the advantage to adopt IFRS?8. What are generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Who currently develops and issues the U.S. GAAP?9. Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?10. What are the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?11. For you as a potential investor, what is the problem with different countries having different accounting standards? For you as the president of a multinational company, what is the problem with different countries having different accounting standards?12. Ethical considerations affect all society. Why are ethical considerations especially important for accountants?13. Given significant technological advances, can we expect to see less demand for accountants and accounting-type services?14. Other than that it is a requirement for your major or that your mom or dad is making you, why should you study accounting? 9. Why is it important for financial statementsand other external reports to be based ongenerally accepted accounting principles?10. What are the respective roles of the Securitiesand Exchange Commission (SEC) and theInternal Revenue Service (IRS) in the setting of1. What are the three functions of an accountingsystem?2. What are the essential elements in decisionmaking, and how does accounting fit into theprocess?3. What types of personal decisions have requiredyou to use accounting information?· 4. What does the term "business" mean to you?5. Why is accounting often referred to as the"language of business"?6. In what ways are the' needs of internal andexternal users of accounting information thesame? In what ways are they different?7. What does IFRS stand for? Who sets up theIFRS and are there many countries adoptingIFRS? What is the advantage to adopt IFRS?8. What are generally accepted accountingprinciples (GAAP)? What is the purpose ofGAAP? Who currently develops and issues theaccounting standards?11. For you as a potential investor, what is theproblem with different countries havingdifferent accounting standards? For you as thepresident of a multinational company, what isthe problem with different countries havingdifferent accounting standards?12. Ethical considerations affect all society. Whyare ethical considerations especially importantfor accountants?13. Given significant technological advances, canwe expect to see less demand for accountantsand accounting-type services?14. Other than that it is a requirement for yourmajor or that your mom or dad is making you,why should you study accounting?U.S. GAAP?

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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1. What are the three functions of an accounting system? 2. What are the essential elements in decision making, and how does accounting fit into the process? 3. What types of personal decisions have required you to use accounting information? 4. What does the term "business" mean to you? 5. Why is accounting often referred to as the "language of business"? 6. In what ways are the needs of internal and external users of accounting information the same? In what ways are they different? 7. What does IFRS stand for? Who sets up the IFRS and are there many countries adopting IFRS? What is the advantage to adopt IFRS? 8. What are generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Who currently develops and issues the U.S. GAAP? 9. Why is it important for financial statements and other external reports to be based on generally accepted accounting principles? 10. What are the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards? 11. For you as a potential investor, what is the problem with different countries having different accounting standards? For you as the president of a multinational company, what is the problem with different countries having different accounting standards? 12. Ethical considerations affect all society. Why are ethical considerations especially important for accountants? 13. Given significant technological advances, can we expect to see less demand for accountants and accounting-type services? 14. Other than that it is a requirement for your major or that your mom or dad is making you, why should you study accounting?

9. Why is it important for financial statements
and other external reports to be based on
generally accepted accounting principles?
10. What are the respective roles of the Securities
and Exchange Commission (SEC) and the
Internal Revenue Service (IRS) in the setting of
1. What are the three functions of an accounting
system?
2. What are the essential elements in decision
making, and how does accounting fit into the
process?
3. What types of personal decisions have required
you to use accounting information?
· 4. What does the term "business" mean to you?
5. Why is accounting often referred to as the
"language of business"?
6. In what ways are the' needs of internal and
external users of accounting information the
same? In what ways are they different?
7. What does IFRS stand for? Who sets up the
IFRS and are there many countries adopting
IFRS? What is the advantage to adopt IFRS?
8. What are generally accepted accounting
principles (GAAP)? What is the purpose of
GAAP? Who currently develops and issues the
accounting standards?
11. For you as a potential investor, what is the
problem with different countries having
different accounting standards? For you as the
president of a multinational company, what is
the problem with different countries having
different accounting standards?
12. Ethical considerations affect all society. Why
are ethical considerations especially important
for accountants?
13. Given significant technological advances, can
we expect to see less demand for accountants
and accounting-type services?
14. Other than that it is a requirement for your
major or that your mom or dad is making you,
why should you study accounting?
U.S. GAAP?

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