BA110 Accounting Principles Week 1 Chapter 1 - Discussion Questions What types of people or organizations are interested in financial information about a firm, and why are they interested in this information? Why is it important for business records to be separate from the records of the business's owner or owners? What is the term accountants use to describe this separation of personal and business records? What are the three types of business entities, and how do they differ? What are the major functions or activities performed by accountants in private industry? What is tax planning? What types of services do public accountants provide? What are the three major areas of accounting? What is the purpose of the Financial Accounting Standards Board? What groups consistently offer opinions about proposed FASB statements? What is the function of the Securities and Exchange Commission? What led to the passage of the Public Company Reform and Investor Protection Act of 2002? What is the purpose of the Public Company Accounting Oversight Board