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…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 4EA: Discuss what information would be most useful for these users of accounting information: Management...

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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?
What is the primary purpose of internal controls in an Accounting Information System (AIS )? a) To generate financial statements b) To ensure data accuracy and integrity c) To facilitate decision-making processes d) To comply with tax regulations
Which of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authorities
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?
Management accounting focuses on internal reporting. tax preparation. auditing. external reporting.
Usage of mathematical tools to make important financial decision will come under _________________ role of financial manager Tax Management Treasury operators Credit management Financial Engineering
Explain the importance of financial accounting information for external parties—primarilyinvestors and creditors—in terms of the objectives and the characteristics of that information.
Which of the following would be considered a preparation of financial statements engagement?a. Drafting financial statement notes.b. Preparing financial statements in conjunction with business valuation services.c. Preparation of personal financial statements for presentation alongside a financial plan.d. Preparation of financial statements with a tax return solely for submission to taxing authorities.
Providing information to internal users for decision making is the purpose of which of the following?A) Management reportsB) Tax formsC) Financial statementsD) Vendors list Group of answer choices A B C D
What is the primary means of conveying financial information to external users?

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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