I’m stuck on a Accounting question and need an explanation.
The Week 1 Forum consists of three separate questions. You will answer one of the three questions.
Pick only one question:
(1st question) Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations?
(2nd question) Compare and contrast the development and use of GAAP and IFRS. Do you think the implementation of international accounting standards is feasible? Please explain.
(3rd question) Look at the origins and purposes of accounting and discuss how our society’s development has been affected by its use. Could our society function as it currently does without accounting? Please explain.
Instructions: Your initial response should have extensive words (at least 250 words). Please use reference in APA format.
Week 1: Accounting and its Uses
This week we will explore Chapter(s) 1 and 2 of the textbook. Chapter 1 introduces what accounting is, what accountants do, and notes some of the possible job opportunities available to accountants. The chapter goes on to explain the differences between financial and managerial accounting and identifies a few of the organizations responsible for developing financial accounting standards. Chapter 2 discusses forms of business organization, activities conducted by businesses, and introduces the four major financial statements. The chapter also introduces the accounting process and notes some of the concepts used to analyze business transactions.
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