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What is the importance of understanding various inventory valuation methods in determining the quality of reported profits?

Below are two discussion question. Please respond to each question with at least 100 words and with using the Week five Lecture notes. For each question provide a reference with it.

The Quality of Financial Information

Referencing this week’s readings and lecture, describe the quality issues related to reporting revenue. What is the importance of understanding various inventory valuation methods in determining the quality of reported profits?
Respond to at least two of your classmates’ posts.
Conflicts with GAAP

Even though firms follow the accounting rules (GAAP) when presenting their financial statements, it is still possible for conflicts of interest to exist between what management wants investors and creditors to see and the economic reality of transactions. Explain how this can occur.
Recommended Readings

Articles
Miller, P. B. W. (2002, April). Quality financial reporting: Finding customer focus through the power of competition. Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com/Issues/2002/Apr/QualityFinancialReporting.htm.
Turner, L. E. (2000, March 23). Speech by SEC staff: Charting a course for high quality financial reporting. U.S. Securities and Exchange Commission. Retrieved from http://www.sec.gov/news/speech/spch356.htm.


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