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

Assignment Overview

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

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

Case Assignment

The background information for the module includes the basic ideas, 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 reference the sources used.

Required

Create a table with four columns as shown below and complete the last three columns using the expectations listed in Assignment Expectations.

QuestionComplete the Statement

(3–5 sentences)Corporate Perspective

(3–5 sentences)

Investor Perspective(3–5 sentences)

Accounting refers to:

Accounting is important because:

Corporate Financial statements are:

Assignment Expectations

Submit a completed table as shown above. Do not copy definitions, but explain in your own words and with examples, if appropriate. Write 3–5 sentences in each cell.

Show sources when appropriate and APA format is suggested, but not required.

The objective for this assignment is to understand the accounting process and financial statements.

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