This paperwork ACC 421 Week 1 Discussion Questions comprises:
DQ1: What are the major objectives of financial reporting? Who uses financial reporting? What type of information will each user group need? Why? What reports do you get to see in your company and how do you use them?
DQ2: 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? What basis of accounting does your company use?
DQ3: What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles change in the last 20 years? How might their roles change in the next 20 years?