Finance

   List three accounting - related skills that are useful to many people in their personal lives.

    Generally accepted accounting principles play an important role in financial reporting.

a. What is meant by the phrase generally accepted accounting principles?

b. What are the major sources of these principles?

c. Is there a single comprehensive list of generally accepted accounting principles? Explain.

d. What types of accounting reports are prepared in conformity with generally accepted accounting principles?

    The annual financial statements of all large, publicly owned corporations are audited.

a. What is an audit of financial statements?

b. Who performs audits?

c. What is the purpose of an audit?