The major responsibilities of financial accounting is the preparation of the:
A) balance sheet, income statement, and statement of cash flows.
B) journal ledger, cash budget, and company bylaws.
C) articles of incorporation, auditor's opinion, and master budget.
D) management accounting practices, social audit, and journal ledger.

Question

Quizplus · Accepted Answer

Financial accounting is primarily concerned with the preparation of financial statements that provide information about a company's financial performance, financial position, and cash flows. The balance sheet, income statement, and statement of cash flows are the three most important financial statements that are typically prepared by financial accountants. The journal ledger and cash budget are also important accounting records, but they are not financial statements. The articles of incorporation, auditor's opinion, and master budget are not prepared by financial accountants, but may be prepared by other professionals such as lawyers, auditors, or management accountants. The social audit is a separate process that involves assessing a company's social and environmental impact.

The Major Responsibilities of Financial Accounting Is the Preparation of The