Write a 700- to 1,050-word summary discussing the points listed below. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:

  • Explain how accounting assists in the efficient use of scarce resources
  • Identify the objective of financial reporting.
  • Discuss the impact of financial deception such as off balance sheet financing and collateralized debt obligations.
  • Describe some of the challenges facing financial reporting.

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