The following will be 2 points each:
1-1: Explain why stewardship is an important concept.
1-2: What three traditional functions does accounting fulfill?
1-3: What types of groups regulate financial accounting statements?
1-4: What is managerial accounting and how is it different from financial accounting?
2-1: Explain value based management and shareholder value.
2-2: What are some of the rights of shareholders in companies today?
2-3: What is a financial audit?
3-1: What elements or categories are on each of the financial statements? The OAES has two questions for this item, part a and part b.
3-2: Which general ledger accounts would be affected by the purchase of goods on credit for later resale?
3-3: Which general ledger accounts would be affected by the purchase of a computer for business on credit?
Use the following information to answer Questions 3-4 to 3-8 (6 points each)