$2.$ Differentiate between $$financial statements$$ and $$financial reporting.

$4.$ What is the objective of financial reporting?

$6.$ Of what value is a common set of standards in financial accounting and reporting?

$8.$ In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?

$10.$ For what purposes did the AICPA create the Accounting Principles Board?

$12.$ If you had to explain or define $$generally accepted accounting principles or standards,$$ what essential characteristics would you include in your explanation?

$14.$ How are FASB preliminary views and FASB exposure drafts related to FASB $$statements$?$

$16.$ What is Rule $203$ of the Code of Professional Conduct?

$18.$ Explain the role of the Emerging Issues Task Force in establishing generally accepted accounting principles

$20.$ What are the primary advantages of having a Codification of generally accepted accounting principles?

$22.$ Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements. What is meant by $$economic consequences$?$ What dangers exist if politics play too much of a role in the development of GAAP?

$24.$ One writer recently noted that $99\mathrm{.}4$ percent of all companies prepare statements that are in accordance with GAAP. Why then is there such concern about fraudulent financial reporting?

$26.$ The Sarbanes$-$Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some key provisions of this legislation?

$28.$ How are financial accountants challenged in their work to make ethical decisions? Is technical mastery of GAAP not sufficient to the practice of financial accounting?