Financial accounting is concerned primarily with ________.
A) external reporting to investors, creditors, and government authorities
B) cost planning and cost controls
C) product design and marketing strategies
D) providing information for strategic and tactical decisions

Question

Quizplus · Accepted Answer

Financial accounting is primarily concerned with the external reporting of financial information to investors, creditors, and government authorities. This includes the preparation of financial statements, such as the balance sheet, income statement, and statement of cash flows, which provide information on a company's financial position, performance, and cash flow. Cost planning and controls, product design, and marketing strategies are part of managerial accounting, which is focused on providing information for internal decision making.

Financial Accounting Is Concerned Primarily with ________