Essay Questions
183. Explain the role of accounting in the information age.
184. What is the balance sheet? What is its purpose?
185. Identify the users and uses of accounting information.
186. Identify several opportunities in accounting and its related fields.
The traditional areas of accounting include financial accounting, managerial accounting, and tax accounting. Work in related fields includes lending, underwriting, market research, and business valuation.
187. Explain why ethics are an integral part of accounting.
The purpose of accounting is to provide useful information to decision makers. For information to be useful, it must be trusted. This requires ethical behavior by accountants and managers in all phases of gathering, analyzing, and reporting financial information so that good and informed decisions can be made.