Statement $1$ Accounting is a service activity. Its function is to provide quantitative financial information that is intended to be useful in making economic decisions about and for companies. Thus, the accounting function might be viewed primarily as being a tool or device for providing quantitative financial information to management to facilitate decision making.

Statement $2$ Financial statements that were developed in accordance with generally accepted accounting principles should be conservative.

Required:

Evaluate each of the preceding numbered statements as follows:

List the fallacies, half$-$truths, circular reasoning, erroneous comments or conclusions, and$/$or inconsistencies.

The input in the box below will not be graded, but may be reviewed and considered by your instructor.