CHAPTER REVIEW QUESTIONS
1. (L01) Briefly explain the objective of financial statements and why this objective is important to outsiders. How does an accountant act in accordance with the objective? 2. (L02) Describe how the accountant can use the conceptual framework and the accounting standards to make accounting decisions that reflect technical competence and ethical awareness. 3. (L03) What financial statements do regulators require accountants to pre-pare? What information is available to outsiders in each of the statements? Describe the financial statement elements reported on the financial statements.