What is the role of financial accounting
1. What is the role of financial accounting? What is the role of financial reporting? How do they relate?2. What are generally accepted accounting principles (GAAP)?3. What are the four major financial statements of a company and what do they report?4. Why do companies provide so much additional information with financial statements? What is the purpose of the notes to the statements?5. Why do accountants have to be ethical in their duties and responsibilities?1. Briefly discuss the first five principles of the CPC. provide examples that illustrate each principle.2. The FASB is organized to establish generally accepted accounting principles. It is assisted by various groups and operates under a set of procedures. prepare a short written report that summarizes the structure, operating procedures, and pronouncements of the FASB.3. One of your friends remarks, ?I understand that before voting on a Statement of Standards the FASB allows written comments and oral presentations in which interested parties can lobby for a particular ruling. Do you think this is a good idea?RequiredPrepare a written response that discusses the advantages and disadvantages of the FASB allowing interested parties to provide input to its deliberative process.4. Read carefully trough Coca-Cola‘s financial statements for the year 2010. You can use website’s such as http://www.sec.gov click search for filings and it be under “filings and forms” Once that information is obtained then prepare a brief written report that provides two interesting and important pieces of information about Coca-Cola from the balance sheet, income statement, and statement of cash flows
