Reporting the financial condition of a business at a point in time and reporting the changes in the financial condition of a business over a period of time are the two major objectives of:
A) fund accounting.
B) forensic accounting.
C) not-for-profit accounting.
D) financial accounting.

Question

Quizplus · Accepted Answer

Financial accounting is focused on reporting the financial condition of a business at a specific point in time as well as the changes in financial condition over a period of time. Fund accounting is specific to nonprofit organizations and governmental entities, and forensic accounting is focused on investigating fraud and financial crimes.

Reporting the Financial Condition of a Business at a Point