Question 1: What are the major objectives of financial reporting?
Question 2: Who are the users of financial reporting?
Question 3: What type of information will each user group need? Why?
Question 4: What is the purpose of Generally Accepted Accounting Principles (GAAP) and the accounting cycle?
Question 5: Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why or why not?
Question 6: What are some possible consequences of this course of action?
Question 7: What organizations are responsible for governing financial reporting?
Question 8: What are their roles?
Question 9: How have the roles changed in the last 20 years?
Question 10: How might their roles change in the next 20 years?