[Recommended] 3 Factors Affecting Financial
P1-9 in Chapter 1 includes a list of 3 factors affecting financial reporting. Remember, your purpose is to provide a convincing argument about your assigned statements. Use your own words to summarize the information from the textbook or other resources. Provide proper citations for any sources used, including the textbook.
Provide a two or three sentence response that argues for or ageist each of these statements:
1. Accounting is an exact science.
2. Managers choose accounting procedures that produce the most accurate picture of the company’s operating performance and financial condition.
3. US accounting standards are influenced more by politics than science or economics.