Discuss one or more of the following topics:

1) Explore why accounting is called the "language of business." What does this mean? What implications does it have for a person's ability to make good business decisions without a certain knowledge of accounting?

2) Discuss why it is important to have accounting rules, or "generally accepted accounting principles" (GAAP). What would happen if there were no uniform standards? Is there any flexibility within GAAP, or is it black and white? Support your view.