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Questions and Answers
What is the primary purpose of financial accounting for external users?
What is the primary purpose of financial accounting for external users?
- Assisting in contrasting organizations
- Analyzing internal decision-making
- Providing financial statements (correct)
- Preparing budgets
Who are considered internal users of accounting information?
Who are considered internal users of accounting information?
- External auditors
- Government agencies
- Consumer groups
- Sales staff (correct)
What distinguishes generally accepted accounting principles (GAAP)?
What distinguishes generally accepted accounting principles (GAAP)?
- Flexibility, accuracy, and timeliness
- Transparency, objectivity, and disclosure
- Conservatism, materiality, and consistency
- Relevance, reliability, and comparability (correct)
What is the role of managerial accounting?
What is the role of managerial accounting?
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What are the accepted standards of good and bad behavior in accounting known as?
What are the accepted standards of good and bad behavior in accounting known as?
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