Answer The primary purpose of financial accounting is to:a) Prepare tax returnsb) Provide information for internal decision-makingc) Record personal financial transactionsd) Provide information to external users

The primary purpose of financial accounting is to provide financial information to external users,…

Answered: The primary purpose of financial…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 58RSCQ

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Similar questions

Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authorities
In general, how does the income statement help satisfy the objectives of financial reporting?
Discuss the revenue recognition principle and its significance in financial accounting. What factors must be considered when determining when and how much revenue to recognize?
Financial
Explain the importance of financial accounting information for external parties—primarilyinvestors and creditors—in terms of the objectives and the characteristics of that information.
Wi
What is the primary means of conveying financial information to external users?
Explain the usefulness of Financial statement information to the following stakeholders: Financial Analysts Employee Debtors Government Agency
GAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.
The primary objective of management accounting is O A. to provide management with information useful for planning and control of operations. O B. to provide banks and other creditors with information useful in making credit decisions. O. C. to provide the relevant taxation authorities with information about taxable income. O D. to provide shareholders and potential investors with useful information for decision making.
State what you would expect to find in the Notes to general purpose financial statements giving its rationale ?

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The primary purpose of financial accounting is to: a) Prepare tax returns b) Provide information for internal decision-making c) Record personal financial transactions d) Provide information to external users