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| 1 | |
Explain the difference between financial and managerial accounting. |
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| 2 | |
Distinguish between users and preparers. |
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| 3 | |
Explain why the self interests of accounting information preparers can affect what information is reported to stakeholders and how it is reported. |
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Consider the university or college you attend. Who are the stakeholders in your university? Explain the interest or “stake” each stakeholder has in the university. What types of decisions would each of these stakeholders have to make regarding the university? What type of information would be useful to each of these stakeholders? |
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| 5 | |
What is the user-based approach to financial accounting? |
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You have agreed to invest $10,000 in a business opportunity being started by some friends. Your cash will be used to help start the business. In return for your investment you will own 10% of the business. You will not be involved in managing the business. Explain why organizing this business as a corporation would probably be most appropriate from your point of view. |
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| 7 | |
Identify the stakeholders in the government of Nova Scotia and explain what their stake is. |
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| 8 | |
Professional sports teams are an important part of many communities. Teams such as the Oshawa Generals, Peterborough Petes, Kingston Frontenacs, Halifax Mooseheads and the Calgary Hitmen bring entertainment and excitement to their fans. The success of these teams is important to fans, owners, and other stakeholders. Identify different ways to measure the success of a professional sports team and explain which stakeholders each measure would be of interest to. Don’t limit your evaluation to financial measurements. |
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| 9 | |
Introductory accounting students often have pre-conceived notions about accounting. Students need to understand that there is no "right way" to report financial information to decision makers. Please explain. |
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| 10 | |
What is a nonprofit organization? |
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