7 Discussion Questions- Auditing Class

Please answer the following 7 discussion questions inatleast 100 words per question. Do not answer them as an essay. Please answer them under the question set.

1. How does GAAP affect financial reporting?

2. How does GAAP need to change to accommodate today's dynamic business environment?

3. What tools can be used for financial statement analysis?

4. What kinds of business decisions can be made using these tools?

5. Explain the difference between financial reporting and financial statements.

6. What three factors would influence your evaluation as to whether a company’s current ratio is

good or bad?

7. Suggest several reasons why a 2:1 current ratio might not be adequate for a particular company.y.