Financial accounting is all of the following except:
A) A process of gathering and summarizing information primarily for external reports
B) Preparing financial statements according to Generally Accepted Accounting Principles
C) Information used by shareholders, creditors, and regulators for decision-making
D) Preparing information for internal reporting and decision-making

Question

Quizplus · Accepted Answer

Financial accounting is primarily concerned with external reporting and decision-making, whereas preparing information for internal reporting and decision-making is the role of managerial accounting.

Financial Accounting Is All of the Following Except