Explain the purpose and importance of accounting. Identify users and uses of, and opportunities in, accounting. Explain why ethics are crucial to accounting. Explain generally accepted accounting principles and define and apply several accounting principles. Identify and describe the three major activities of organizations.
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- Explain the purpose and importance of accounting.
- Identify users and uses of, and opportunities in, accounting.
- Explain why ethics are crucial to accounting.
- Explain generally accepted accounting principles and define and apply several accounting principles.
- Identify and describe the three major activities of organizations.
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- Explain the conceptual framework of accounting and discuss its importance in the development of accounting standards.How do the different schools of accounting thought, such as the normative, positive, and critical perspectives, inform our understanding of the purpose and function of accounting?How does the conceptual framework assists accountants in the application of accounting standards? Please Explain.
- Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accountingIdentify the area of accounting that is most involved in each of the following responsibilities. Internal auditingDiscuss the importance of Accounting Research in the practice of of Accounting profession.Describe the goals of accounting standards.
- Explain the importance of accounting information for internal parties—primarily management—in terms of the objectives and the characteristics of that information.Analyze current major accounting research tools. Discuss the deductive, inductive, and pragmatic research methods.Some principles should be followed in the development of an accounting information system. Identify and explain each of the principles.
- Discuss five ways in which financial professionals can significantly impact the financial statements of an organization by the use of estimates, assumptions, alternative valuation methods and other accepted accounting practices.Explain the purpose of financial and management accounting within an organisation. provide an outline of the needs of different business stakeholders in relation to this informationThe body of rules and procedures that guide the measurement and communication of financial accounting information is known as a. Standards of Professional Compliance (SPC). b. Code of Ethical Decisions (COED). c. Rules of Financial Reporting (RFP). d. Generally Accepted Accounting Principles (GAAP).