Problem
1. Describes the role of financial accounting and financial reporting. Is there a relationship?
2. Mention and describe the categories of interested parties (stakeholders) who need financial information.
3. Distinguish between investor (investors) and creditors (creditors) as users of financial statement information.
4. Explain how financial reports (financial reporting) contribute to solving problems.
5. Define generally accepted accounting principles (GAAP) in your own words.