Question 1
Recent developments in our economy, companies that are too big to fail, and skyrocketing unemployment have required unprecedented action from our legislators. Have their actions, through the use of taxpayer funds, been consistent with the objectives of the income tax law? Please explain.
Question 2
You have been hired by a very reputable accounting firm. Your boss has asked you to explain your view of accounting codification because you will need to apply the accounting standards in your role as a staff accountant. What are you going to say to your boss? Why would your boss be concerned about this issue? Explain.
Question 3
What kinds of conflicts can arise by having "shareholder maximization" as the primary goal of a firm? Do you believe that firms should have a different "objective"? Please explain.