Activities/assessment:

Answer the following Review Questions:

1. Who are the users of accounting information and for what purposes do they use it?

2. Identify the three types of services performed by CPAs.

3. Explain the ways in which financial accounting differs from managerial accounting.

4. Discuss the activities and services performed by forensic accountants.

5. What are the three basic financial statements, and what major information does each contain?

Activities/assessment: Answer the following Review Questions:

1. Explain the four characteristics of money.

2. What are the components of M-1 and M-2?

3. Explain the roles of commercial banks, savings and loan associations, credit unions, and non-deposit institutions in the U.S. financial system.

4. Describe the structure of the Federal Reserve System