Write a 1,000 - 1,250 word paper on the following topic:
Describe the role of financial accounting in contemporary business. Provide one specific, real-life example of how financial accounting helps external stakeholders make informed decisions. Also, describe the role Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board (FASB) plays in financial reporting in the United States.
Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least three external references.
Your paper should have a reference page.