Which of the following is the primary focus of financial accounting?
A)providing information that managers need to make operational decisions
B)providing summarized information on operational results to investors and creditors
C)providing budgets for future periods
D)providing highly detailed information on product lines, regions, divisions, etc.

Question

Quizplus · Accepted Answer

The primary focus of financial accounting is to provide summarized information on operational results to investors and creditors. This information includes financial statements such as the balance sheet, income statement, and cash flow statement, which provide information on the financial performance and position of a company. Financial accounting is primarily concerned with external reporting to stakeholders outside of the company.

Which of the Following Is the Primary Focus of Financial