Financial Accounting is also referred to as
A)internal reporting.
B)management reporting.
C)external financial reporting.
D)all of the above

Question

Quizplus · Accepted Answer

Financial accounting is primarily concerned with the preparation of financial statements for external users (stakeholders, investors, lenders, regulatory authorities, etc.) to provide them with reliable and relevant information about a company's financial position, performance, cash flows, and changes in equity. Therefore, it is also known as external financial reporting. While internal reporting and management reporting are related to financial accounting, they refer to the preparation of information primarily for internal users (managers, employees, decision-makers, etc.) to support the planning, control, and evaluation of business activities.

Financial Accounting Is Also Referred to as