General-purpose financial statements are the product of
A) financial accounting.
B) managerial accounting.
C) both financial and managerial accounting.
D) neither financial nor managerial accounting.

Question

Quizplus · Accepted Answer

General-purpose financial statements are a product of financial accounting, which involves the identification, measurement, recording, and communication of financial information to external users such as investors, creditors, and regulators. Managerial accounting, on the other hand, focuses on providing information for internal decision-making and planning purposes.

General-Purpose Financial Statements Are the Product of