Which of the following is a characteristic of financial accounting?
A)It has no regulatory or mandatory rules.
B)It is internally focused.
C)It is concerned with the firm as a whole.
D)It has an emphasis on the future.

Question

Quizplus · Accepted Answer

Financial accounting is concerned with the firm as a whole, including the reporting of financial statements to external parties such as investors, creditors, and regulatory agencies. It has regulatory and mandatory rules and focuses on historical financial performance rather than future performance. Additionally, it is not internally focused but rather seeks to provide information to external parties.

Which of the Following Is a Characteristic of Financial Accounting