Discussion
Introduction
Actual accounting systems differ significantly from company to company. The primary function of financial accounting is to provide useful financial information to users who are external to the business enterprise, particularly investors and creditors. These users make critical resource allocation decisions that affect the global economy.
Initial Post Instructions
For your initial post, address the following:
• What must a company do in the long-run to be able to provide a return to investors and creditors?
• What is the function and primary focus of financial accounting?
• What are the four basic assumptions underlying GAAP?
Secondary Post Instructions
Do you agree with the postings of your peers? If no, why not? If so, did they provide additional information you may not have previously considered? Did you gain any new learning from reading the posts of your peers? Were you swayed in any way to alter your initial opinion?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.