Accounting Discussion Questions- Wk 7

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Week Seven Discussion Questions

· What do you think is the major purpose of financial statements? Why? Explain what type of information can be derived from financial statements. List references if you use a source other than the text.

· Why is budgeting so important? What are the appropriate uses of a budget? How can budgets be mismanaged or misunderstood? What are some criteria you would use to choose between a fixed and a flexible budget? Explain your answers.