need exercise 3 answered A-D

Exercises 01-3 EXERCISE 1.3 What is Financial Reporting? c. Henry James, a real estate investor considering building apartments in the Seattle area. d. Boeing's management. e. International Association of Machinists and Aerospace Workers, a labor union represent- ing many Boeing employees. A major focus of this course is the process of financial reporting. a. What is meant by the term financial reporting? b. What are the principal accounting reports involved in the financial reporting process? In general terms, what is the purpose of these reports? c. Do all business entities engage in financial reporting? Explain. d. How does society benefit from the financial reporting process? 01-5 XERCISE 1.4 enerally Accepted ccounting Principles Generally accepted accounting principles play an important role in financial reporting a. What is meant by the phrase generally accepted accounting principles? b. What are the major sources of these principles? c. Is there a single comprehensive list of generally accepted accounting principles? Explain. d. What types of accounting reports are prepared in conformity with generally accepted account ing principles? Describe the roles of the following organizations in establishing generally accepted accounting principles: a. FASB b. AICPA c. SEC From which of these organizations can you most easily obtain financial information about public owned companies? in security issued by a large company. The secu- XERCISE 1.5 ccounting Organizations