Assignment
Please answer 2 of the questions below
Here are a few topics that you shall now be ready to give well-thought answers:
1. What is the mission of the Financial Accounting Standard Board (FASB)
2. What are the main three financial statements? How to link them together reflect the financial position and performance of a company?
3. Why do public companies need auditor' report? If the CEO and CFO of a company need to certify the financial statements and internal control system, why do we still need external auditors to give their opinions on these items?
4. What are GAAP? Why do we need to ponder over the levels of GAAP to do accounting work?
5. Should we go over the notes to financial statements to understand financial reports? Give some examples to illustrate your points.
6. List five accounting assumptions or principles (like accounting entity), and discuss the importance of them to accounting work.