INTRODUCTION TO FINANCIAL ACCOUNTING CASE1
The topic for this case is about defining and learning about the purpose of financial accounting statements pursuant to US GAAP (Generally Accepted Accounting Principles).
Case Assignment
Part 1
Review the three components in the background material to answer three questions about accounting and its purpose.
What is accounting?
What is the importance of accounting?
What are corporate financial statements?
The essay should be 300 to 500 words.
Part 2
Use other sites for ideas to complete the table.
Create a table with four columns as shown below and complete the last three columns to express your thoughts on the purpose and significance of financial statements.
CREATE A TITLE FOR YOUR TABLE
Complete the statements in your own words.
Economic Perspective (Significance for our economy and capital markets
(3-5 sentences)
Corporate Perspective
(3-5 sentences)
Investor Perspective
(3-5 sentences)
Financial accounting is:
Corporate financial statements are:
Accounting standards are crucial because:
