1. What is the objective of financial accounting? 2. Who are in the internal and external stakeholders who value financial statements? 3. What are different types of accounting standards regulated for accounting professionals? Where all does it apply? 4. How does private entity differentiate itself from public entity? 5. What are different forms of Organizations available? What are they, describe them wrt to accounting purposes? 6. Kindly describe the accounting framework. What are the elements and how do they effect the financial statements? 7. What does the accounting model specify? What are the elements involved? 8. How are accounts receivable different from Payable? What element in the balance sheet are they included? 9. Why is accounting statement important for the parent company?