Cybertrek

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Cybertrek 1

The Financial Accounting Standards Board (FASB) has been the designated orgaization in the private sector for establishing standards of financial accounting and reporting. Its mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.

1. List five general things that FASB does to accomplish its mission.

2. What precepts does the Board follow in the conduct of its business?

3. In your own words, briefly describe the FASB's vision for the future of international accounting standards.

Cybertrek 2

Arthur Andersen is listed in the textbook as one of the "Big Five" public accounting firms.

1. Does "public accounting firm" accurately reflect the breadth of activities that Arthur Andersen is involved with? Explain why or why not.

2. In your own words, describe the important of Arthur Andersen's guiding philosophy in promoting its business.

Cybertrek 3

Wall Street Research Network is one of the most comprehensive resources for investors on the Internet. Visit the Web site and write a two-page report on a company of your choice. Be sure to describe the company's business, its industry, and key competitors. Also, compare the company's most recent financial performance to previous years and to the industry.

2002 McGraw-Hill Higher Education
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