1280) The mone 1. The primary objective of financial reporting is to provide information useful for making investment and lending decisions. To be useful, financial information must possess certain characteristics. State these characteristics and discuss each. 2. Accountants often refer to GAAP. What does the acronym GAAP means and why is t important in accounting? 3. What does the acronym FASB represent and what role does it play in financial accounting? 4. Suppose you are the sole owner of a bicycle sales and repair shop for many years. Which business type would best protect your personal assets from product liability exposure and why. 5. Suppose you and a friend developed a new technology for home computer systems. However, you both need to raise a large amount of capital to build the production and support facilities to market the product successfully. Explain which of the business type would be best suited to help the company raise the necessary capital to begin production 6. B Rogers as three different businesses. He has only one tik account for transactionstelating to all of his various businesses. Which of the concepts or penciples of accounting is Bill Violating and why? These are my first question for accounting SW 24 @ MacBook Pro