Describe the role of financial accounting in contemporary business. Provide one specific, real-life example of how financial accounting helps external stakeholders make informed decisions. Also, describe the role Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board (FASB) plays in financial reporting in the United States.
Guidelines
Writing Assignment Grading Criteria
Content (60%)
Response demonstrates a clear understanding of the key elements of assignment questions.
Response thoroughly covers the elements in a substantive manner.
Response demonstrates critical thinking and analysis.
Content is complete and accurate.
Introduction and conclusion provide adequate information on the given topic.
Organization (20%)
Paper structure is clear and easy to follow.
Ideas flow in a logical sequence.
Introduction provides a sound introduction to the topic and previews major points.
Paragraph transitions are logical and support the flow of thought throughout the paper.
The conclusion thoroughly reviews the major points.
Writing Style, Grammar, APA Format (20%)
Sentences are well constructed, complete, clear, and concise.
Words used are specific an unambiguous.
The tone is appropriate to the content and assignment.
Grammar, spelling, and punctuation are correct.
APA guidelines (6th edition) are followed, such as headers, citations, references, etc.
Effective use of aids such as sections, summaries, table of contents, indices, and appendices (if appropriate).
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