Professional Documents
Culture Documents
What are Generally Accepted Accounting Principles (GAAP)? How do GAAP affect
financial reporting? How might GAAP need to change to accommodate todays dynamic
business environment?
Resources: FASB Codification System website accessible through the FASB Online link
located on your student website
Access the FASB Online website and familiarize yourself with the contents.
Write a 350-word paper in which you answer the following questions:
What is the FASB Codification System?
What is the purpose of the FASB Codification System?
What are the nine content areas located in the FASB Codification System? What types of
items are located under each content area?
Format your paper consistent with APA guidelines.
Resources: Ch. 1 & 2 of Financial Accounting Theory and Analysis: Text and Cases
Write a 350-word response for each of the following cases answering the questions
located at the end of each case.
Case 1-3 Politicalization of Accounting Standards in Ch. 1
Case 1-4 Generally Accepted Accounting Principles in Ch. 1
Case 2-2 The Theoretical Foundation of Accounting Principles in Ch. 2
What is the purpose of tax planning? How do we conduct tax planning? How could tax
planning lead to unethical behavior?
profit organization? How do these differences and similarities affect the comparability of
financial reports? Should these reports be comparable? Explain your response.