For each of the following entities, identify the objectives of financial reporting that the entity's managers might have. In answering, consider who the stakeholders might be and which stakeholder(s) would be most important to the managers. Explain how the objectives of financial reporting would influence the accounting choices made by the managers.
a. A family-owned corporation that is planning to sell shares to the public and become a public company that is traded on a stock exchange.
b. A municipal government.
c. A public company that has been adversely affected by international competition and that is trying to receive subsidies from government.
d. A charity that raises money to buy and distribute food to hungry children around the world.
e. A private corporation that provides consulting services to restaurants. The company has one shareholder who is also president of the company. The company has a small bank loan and no other major creditors.