11. What is meant by the term "global GAAP"? What body is responsible for setting global standards? 12. Briefly distinguish between financial accounting and managerial accounting. 13. Explain some...

11. What is meant by the term "global GAAP"? What body is responsible for setting global standards?

12. Briefly distinguish between financial accounting and managerial accounting.

13. Explain some of the accounting similarities and differences between not-for-profit organizations and for-profit businesses.

14. What financial statement elements are reported on a balance sheet?

15. To whom do the assets of a business belong?