1. Identify several ways in which you currently use accounting information in your life as a student. Also identify several situations in which, while you are still a student, you might be required to supply financial information about yourself to others. 2. major focus of this question 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. Is all business entities engage in financial reporting? Explain. d. How does society benefit from the financial reporting process? 3. Generally accepted accounting principles play an important role in financial reporting. a. What is meant by the phrase generally accepted accounting principles? b. What are the major sources of these principles? c. Is there a single comprehensive list of generally accepted accounting principles? Explain. d. What types of accounting reports are prepared in conformity with generally accepted accounting principles? 4. Match the terms with the descriptions below. Each description should be used only once. Term Financial accounting Management accounting Financial reporting Financial statements General-purpose assumption Integrity Internal control Public accounting Bookkeeping Description a. The procedural aspect of accounting that involves keeping detailed records of business transactions, much of which is done today by computers. b. A broad term that describes all information provided to external users, including but not limited to financial statements. c. An important quality of accounting information that allows investors, creditors, management, and other users to rely on the information. d. The segment of the accounting profession that relates to providing audit, tax, and consulting services to clients. e. Procedures and processes within an organization that ensure the integrity of accounting information. f. Statement of financial position (balance sheet), income statement, statement of cash flows. g. The fact that the same information is provided to various external users, including investors and creditors. h. The area of accounting that refers to providing information to support internal management decisions. i. The area of accounting that refers to providing information to support external investment and credit decisions