Week 1 Discussion
The Week 1 Discussion consists of three separate questions. You will answer one of the three questions. (1st question) Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations? (2nd question) Compare and contrast the development and use of GAAP and IFRS. Do you think the implementation of international accounting standards is feasible? Please explain. (3rd question) Look at the origins and purposes of accounting and discuss how our society’s development has been affected by its use. Could our society function as it currently does without accounting? Please explain.