- Specify the characteristics of accountants’ liability under common law, and cite a specific case precedent.
- True or false? Managerial accounting does not need to conform to GAAP.
- True or false? There is no overlap between financial and managerial accounting.
- What is the relationship between accounting and other discipline?
- True or False: Companies have to follow strict guidelines when designing a management accounting system.
- “Cooking the books” is a phrase used by accountants to indicate the preparation of financial statements that are free of manipulation. (True or False)
- Describe the role of the professional accounting bodies in the standard-setting process.
- What is a CPA and how does someone become one?
- Discuss the advantages of understanding accounting. Consider careers in management, sales, business operations, finance, and business ownership.
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