Ashford BUS591 Ashford Complete Week 1 DQs and Homework

BUS 591 (Ashford) Complete Week 1 DQs and Homework ProblemsBUS 591 – Week 1Week 1 DQ 1 – Generally Accepted Accounting Principles (G.A.A.P.):Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart. Respond to at least two of your classmates’ posts.Week 1 DQ 2 Annual Reports:Visit the website for Tootsie Roll (www.tootsie.com). Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions:§ What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included?What was the total amount of Tootsie Roll’s assets for the most current year available?§ What was the total amount of Tootsie Roll’s liabilities for the most current year available?§ What is the amount of the difference between Tootsie Roll’s assets and liabilities? What is this difference called?Based on your initial findings at the Tootsie Roll website, would you consider investing in them? Why or why not? Your answer should illustrate critical thought and understanding of the annual report and financial statements. Respond to at least two of your classmates’ posts.BUS 591 Week 1 Homework Problems: Complete the following Workbook Template Week One or you may complete the Problem 1-3B on page 36, 1-4B on page 37 (Chapter 1) and Problem 2-7B on page 90 (Chapter 2) of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit