Explain the distinction between accounting principles and auditing standards.

6.      Explain the distinction between accounting principles and auditing standards.

7.      Explain the distinction between the Generally Accepted Accounting Principles and the International Financial Reporting Standards.

8.      Explain the Commerce Clause of the U.S.A. Constitution and the importance to business activities.

9.      Explain the limitations of a statistical average and how they can be dealt with.

10.  How can you relate "expectancy" and "statistical error"? an example.