_____ is a formal,rule-based set of accounting principles and procedures intended for use by outside owners,investors,banks,and regulators.
A) Tax accounting
B) Managerial accounting
C) Financial accounting
D) Forensic accounting

Question

Quizplus · Accepted Answer

Financial accounting is a set of formal, rule-based accounting principles and procedures that are intended for use by outside stakeholders such as investors, banks, and regulators. It focuses on the preparation of financial statements, such as income statements, balance sheets, and cash flow statements, which provide information on a company's financial performance and position. Tax accounting, on the other hand, is concerned with preparing tax returns and minimizing a company's tax liabilities, while managerial accounting focuses on providing information and analysis to internal managers to support decision-making. Forensic accounting involves investigating and detecting fraud and financial crimes.

_____ Is a Formal,rule-Based Set of Accounting Principles and Procedures