Question: 1. Do you think that changes brought about in accounting standards by failures of publicly traded companies, such as Enron, should be classified under political factors or economic decisions? Support your position.
2. Did the 21st century begin on January 1, 2000?
3. What is the difference between principles based versus rules based accounting standards. Give an example of this distinction.
4. Do you think that the color-coded terrorist threat system instituted by the Department of Homeland Security involves a measurement system? Explain.