A+ Answers

DQ 1 WK 1 What organizations are responsible for governing financial reporting?
What is the role of each organization? How have the roles changed in the last 20 years? How might their roles change in the next 20 years?

DQ 2 WK 1 Objectives of Reporting What are the major objectives of financial reporting? Who uses financial reporting?
What type of information will each user group need? Why? Capital Allocation How does accounting help the capital allocation process?

DQ 3 WK 1 Adjusting Entries What are adjusting entries and why are they necessary?

Purpose of GAAP What is the purpose of generally
accepted accounting principles (GAAP) and the accounting cycle? Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why? What are some possible consequences of this course of action?