Write a 1,000 – 1,250 word paper on the following topic:

___________________________________________________________________________________________________________________________________________________

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.

_________________________________________________________________________________________________________________________________

Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least three external references. Save your file as “LastnameFirstinitial-ACCT100-8.”

Submit your work by midnight ET on Day 7 (Sunday).

Note that your attached paper will automatically be submitted to Turn-It-In, and an Originality Report should be sent back to the classroom within around 15 minutes. The Originality report does not actually recommend changes. It does point out where you may need to add a citation or quotation marks (if not already cited). Once you use it a few times, you will appreciate this tool, as it will assist you in improving quality and content, as well as avoid plagiarism. Your goal is to keep direct quotations to a minimum and to make sure that you do not just cut and paste material. Ensure that all your references are cited. A report with a similarity index less than 25% is acceptable for undergraduate level work.