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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.