FIN 382 Week 1 Homework Assignment
Complete and submit problems p. 24: Questions 1-1, 1-2 and p. 74: Questions 2-9, 2-10. Q 1-1 Discuss the role of each of the following in the formulation of accounting principles: a.American Institute of Certified Public Accountants b.Financial Accounting Standards Board c.Securities and Exchange Commission Q 1-2 How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied? Q 2-9 What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement. Q 2-10 Why are notes to statements necessary?
Content
Complete and submit problems p. 24: Questions 1-1, 1-2 and p. 74: Questions 2-9, 2-10.
Q 1-1
Discuss the role of each of the following in the formulation of accounting principles:
a.American Institute of Certified Public Accountants
b.Financial Accounting Standards Board
c.Securities and Exchange Commission
Q 1-2
How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied?
Q 2-9
What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement.
Q 2-10
Why are notes to statements necessary?
