ACC305 Intermediate Accounting 1
Week 1 Discussion
DQ1 Standard-Setting Process..
Write: Make sure your response addressing the following question is more than 200 words and you include an in- text citation or a brief quote from the reading material where appropriate.
Briefly explain how the financial statement preparers, users, and other interested parties are involved in the standard setting process for U.S. GAAP. Referring to the Forbes article “The only three reasons entrepreneurs need accounting and finance”, explain how the need to measure progress is satisfied by GAAP and the process used to derive GAAP.
DQ2 Techniques to Overcome Cognitive Biases.
Write: Make sure your response addressing the following question is more than 200 words and you include an in- text citation or a brief quote from the reading material where appropriate.
Explain why it is important to understand cognitive biases in decision-making. Identify at least three techniques used to mitigate cognitive biases in practice.
