Financial Statements, accounting homework help

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1. 
Differentiate between users, purpose, and
content of financial statements. Why is this important?

2. 
Address the 3 items that comprise the regulatory
environment (SEC, FASB, and the Sarbanes-Oxley Act). What are some positive and
some negative elements of these 3? Do these 3 affect your organization? Include
some positive and negative of each item as they apply to your organization.