CA1.4 (LO 1) (Financial Accounting) Omar Morena has recently completed his first year of studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial accounting, Instructions a. Differentiate between financial accounting and managerial accounting. b. One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided? c. What is the difference between financial statements and financial reporting? CA1.5 (LO 1) (Objective of Financial Reporting) Karen Sepan, a recent graduate of the loca university, is presently employed by a larg manufacturing company been asked by Jose Martinez, controller, to prepare the company's response to a current Preliminary Views published by the Financial Accounting Standards Board (FASB) Sepan knows that the FASB has a conceptual framework, and she believes that these concept statements could be used to support the company's response to the Preliminary Views. She has prepared a rough draft of the response citing the objective of financial reporting, Instructions a. Identify the objective of financial reporting. b. Describe the level of sophistication expected of the users of financial information by the objective of financial reporting