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Questions 19 9. Understand issues related to ethics and financial accounting. Financial accountants are called on for moral discernment and ethical decision making. Decisions sometimes are difficult because a public consensus has not emerged to formulate a comprehen- sive ethical system that provides guidelines in making ethical judgments. 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between “financial statements” and “finan- cial reporting.” 3. How does accounting help the capital allocation process? 4. What are some of the major challenges facing the ac- counting profession? 5. What are the major objectives of financial reporting? 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of “general-purpose finan- cial statements”? 8. In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards? 9. What was the Committee on Accounting Procedure, and what were its accomplishments and failings? 10. For what purposes did the AICPA in 1959 create the Ac- counting Principles Board? 11. Distinguish among Accounting Research Bulletins, Opinions of the Accounting Principles Board, and State- ments of the Financial Accounting Standards Board. 12. If you had to explain or define “generally accepted ac- counting principles or standards,” what essential char- acteristics would you include in your explanation? 13. In what ways was it felt that the statements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Ac- counting Principles Board? 14. How are FASB discussion memoranda and FASB expo- sure drafts related to FASB “statements”? 15. Distinguish between FASB “statements of financial ac- counting standards” and FASB “statements of financial accounting concepts.” 16. What is Rule 203 of the Code of Professional Conduct? 17. Rank from the most authoritative to the least authorita- tive, the following three items: FASB Technical Bulletins, AICPA Practice Bulletins, and FASB Standards. 18. The chairman of the FASB at one time noted that “the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax ben- efits and more on quality products, and (2) account- ants and lawyers rely less on rules and law and more on professional judgment and conduct.” Explain his comment. 19. What is the purpose of FASB Staff Positions? 20. Explain the role of the Emerging Issues Task Force in es- tablishing generally accepted accounting principles. 21. What is the purpose of the Governmental Accounting Standards Board? 22.
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