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.