Which of the following best describes the difference between financial accounting and tax accounting?
Which of the following best describes the difference between financial accounting and tax accounting?
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Financial accounting is what managers use for internal, decision making purposes while tax accounting is used for creditors, investors, and the general public. |
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They are both used for income tax reporting purposes, and they are both required by the SEC to be issued and made public so that they can be used by creditors, investors, and the general public |
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Financial accounting is used for income tax reporting purposes and tax accounting is used by managers for internal, decision making purposes. |
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Financial accounting is used by creditors, investors, and the general public, while tax accounting is used for income tax reporting purposes |
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None of these answers is correct |
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