The preparation of financial statements for people outside the firm creditors,unions,suppliers,and others)is the goal of:
A)Auditing.
B)Financial accounting.
C)Managerial accounting.
D)Cost accounting.

Question

Quizplus · Accepted Answer

The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of financial accounting. Auditing involves reviewing and verifying the accuracy of financial statements, while managerial accounting focuses on providing internal information for management decision-making. Cost accounting involves analyzing and controlling costs within a company.

The Preparation of Financial Statements for People Outside the Firm