1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards? 9. What was the Committee on Accounting Procedure, and what were its accomplishments and failings? 10. For what purposes did the AICPA create the Accounting Principles Board? 11. Distinguish between Opinions of the Accounting Princi- ples Board and Accounting Standards Updates