ACCT 504 Week 1 Discussions Financial Statements Devry

Question ACCT 504 Accounting and Finance Managerial Use and Analysis Week 1 Discussions Week 1 DQ 1: An Overview of Financial Statements and the Environment of Financial Reporting Financial Reporting Environment and GAAP (Graded) The discussion in this area will revolve around what accounting is who the key parties in the financial reporting process are the role of generally accepted accounting principles in the preparation of financial statements and the regulatory environment of financial reporting in the U.S. The information being discussed here will be found partly in Chapter 1 and Chapter 2. Week 1 DQ 2: An Overview of Financial Statements and the Environment of Financial Reporting Details of Financial Statements and Ratios (Graded) In this thread we will talk about the primary financial statements published by a corporation the various classifications used in a balance sheet the relationships among different financial statements and how the numbers from the different financial statements are analyzed together to evaluate the financial position and performance of a company. The information being discussed here will be found partly in Chapter 1 and mostly in Chapter 2. ACCT 504 Week 1 DQ 3 (An Overview of Financial Statements) ? What is GAAP? What is the purpose of GAAP? ? What is the purpose of a Balance Sheet? What information does it provide?

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