1. As an owner or manager of a business, what questions would you ask to judge the firm’s performance, control operations, make decisions, and plan for the future?
2. Why is financial information important?
3. Besides earning a profit, what other objectives might a business have? Can financial information play an important role in these objectives?
4. What kind of problems can you foresee if a business owner and/or manager does not have a basic knowledge of accounting?
5. What would you tell a small business owner who says he does not see a need for an accounting system in his business because he closely supervises the day-to-day operations and knows exactly what is happening with the business?
6. What is the role of the manager versus the accountant?
7. Does a business owner/manager need to worry about the separate entity assumption? Why or why not?
8. Why are international accounting standards important to management?