List and briefly describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information.

The question needs to be answered with an initial post of at least 250 words.

1. 2. (1st question) Describe a classified income statement. Be sure to address the classified income statement’s four sections and the important financial relationships found within the statement.

(2nd question) The United States has a capitalistic economy. What is capitalism? Explain how the different inventory valuation methods affect a company’s financial statements. Can the inventory valuation method chosen affect a company’s ability to compete in a capitalistic economy? Please explain.

3. List the purposes and uses of the statement of cash flows and discuss the three activities that the statement of cash flows depicts.

4. Discuss cost concepts used in manufacturing accounting. Be sure to address the basic product cost components.

5. (1st question) Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls and discuss the basic principles for assessing internal controls.

(2nd question) The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars. Choose one accounting scandal that precipitated this legislation and discuss whether or not internal controls (or lack thereof) contributed to the scandal.

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