Guided Readings for Financial Accounting, Lesson 6.3 – Expert Level

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SUGGESTION: A lot of important material is covered in Chapter Six. The chapter covers topics ranging from the SEC and the independent auditor to the importance of internal controls and the independent auditor’s report. All of these areas are extremely important (and well known) in the world of business. Which topics did you believe were most important? Watch the video at the end of the chapter (“The Most Important Elements of Chapter Six”) and learn what the textbook authors thought.

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SUGGESTION: At the end of Chapter Six, you will find two video problems. The first concerns your roommate whose parents own a chain of ice cream shops. The parents prepare financial statements for the business, but then they pay a hefty fee to a CPA. The roommate does not understand what role the CPA plays after the statements have been prepared. How should you respond? Click on the video link and watch our explanation.

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SUGGESTION: Go to the end of Chapter Six and work the following questions within the True or False section. The numbers on the video are 1, 2, 13, and 14 (from a previous edition). In the third edition, these problems will correspond to: 21, 10, 12, and 18. Are each of these four statements True or False? Determine what you believe the answer is and why. Then watch the explanation to see if your thinking was correct.

https://www.youtube.com/watch?v=FT6dt3qiDLQ

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“I'm convinced that there's a new way to define capitalism, and that the definition should include three ingredients - that we love our work, that we are building a traditionally successful business, and that we are having some positive impact in the world, whether it's local or global.”
Biz Stone (Co-founder of Twitter)

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