1) A maior focus of this course is the process of financial reporting. a. What is meant by the term financial reporting? b. What are the principal accounting reports involved in the financial reporting process? In general terms, what is the purpose of these reports? c. Do most business entities engage in financial reporting? Explain. d. How does society benefit from the financial reporting process? 2) Internal accounting information is used primarily for internal decision making by an enterprise's management. a. What are the three primary purposes of internal accounting information? b. Which of these is the most general and which is the most specific? c. Give several examples of the kinds of decisions that internal accounting information supports.