C1 ACC201 Financial Accounting 201 Introduction to Financial Accounting Case Assignment Part 1 Review the three components in the background material to answer three questions about accounting and it

Module 1 – Case

INTRODUCTION TO FINANCIAL ACCOUNTING

Assignment Overview

The topic for this case is about defining and learning about the purpose of financial accounting statements pursuant to US GAAP (Generally Accepted Accounting Principles). This assignment has two parts.

1. An essay
2. A table

Case Assignment

Part 1

Review the three components in the background material to answer three questions about accounting and its purpose.

What is accounting?
What is the importance of accounting?
What are corporate financial statements?

The essay should be 400 to 500 words.

Part 2

The background information for the module covers the basic concepts, but for more ideas go to the optional background source principlesofaccounting.com. The site also offers multiple videos that you may find relevant. You may also use other sites for ideas to complete the table. Do not forget to add a creative title for the table and reference the sources used.

Create a table with four columns as shown below and complete the last three columns to express your thoughts on the purpose and significance of financial statements.

CREATE A TITLE FOR YOUR TABLE
Complete the statements in your own words.	Economic Perspective (Significance for our economy and capital markets (4-5 sentences)	Corporate Perspective (4-5 sentences)	Investor Perspective (4-5 sentences)
Financial accounting is:
Corporate financial statements are:
Accounting standards are crucial because:

Assignment Expectations

Include part 1 and part 2 in your submission.

Write an essay.
Submit a completed table as shown above. Do not forget to add your own title for the table and add references. Do not copy definitions but explain your thoughts in your own words and with examples, if appropriate. Write 4–5 sentences in each cell.

APA format is suggested for references.