What are corporate financial statements?

Review the three components in the background material to answer three questions about accounting and its purpose:

  • What is accounting?
  • What is the importance of accounting?
  • What are corporate financial statements?

Case Assignment

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The background information for the module includes the basic ideas, but for more ideas go to the optional background source principlesofaccounting.com. The site also offers multiple videos that you may find relevant. You may also use other sites for ideas to complete the table. Do not forget to reference the sources used.

Required

Create a table with four columns as shown below and complete the last three columns using the expectations listed in Assignment Expectations.

CREATE A TITLE FOR YOUR TABLE Complete the statements in your own words.

Economic Perspective (Significance for our economy and capital markets

(3-5 sentences)

Corporate Perspective

(3-5 sentences)

Investor Perspective

(3-5 sentences)

Financial accounting is:

Corporate financial statements are:

Accounting standards are crucial because:

Assignment Expectations

Submit a completed table as shown above. Do not forget to add your own title for the table. Do not copy definitions, but explain in your own words and with examples, if appropriate. Write 3–5 sentences in each cell.

Show sources when appropriate and APA format is suggested, but not required.

The objective for this assignment is to understand the accounting process and financial statements.

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