1. Explain the comparison of financial accounting to the painting of a portrait.
2. Understand the reasons why financial accounting information does not need to be exact.
3. Define the term “material” and describe its fundamental role in financial accounting.
4. Define the term “misstatement” and differentiate between the two types of misstatements.
Question: “Why Is Financial Accounting Important?”, mention was made that financial accounting
is somewhat analogous to the painting of a giant, complex portrait. How could financial accounting possibly be
compared to an artistic endeavor such as the creation of a painting?
Answer: The purpose of a portrait—as might have been painted by Rembrandt, van Gogh, or even Picasso—is to
capture a likeness of the artist’s model. In a somewhat parallel fashion, financial accounting attempts to present
a likeness of an organization that can be used by interested parties to assess its financial health and anticipate
future stock prices, dividend payments, and cash flows. Accounting terms such as representational faithfulness
and presents fairly are commonly used to indicate that reported financial information successfully provides a
reasonable picture of the financial position, operations, cash flows, and overall economic vitality of a reporting
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