Financial accounting can be considered a process involving the collection and processing of financial information to assist the decision-making needs of parties internal to an organisation.

Question

Quizplus · Accepted Answer

Financial accounting primarily focuses on the collection and processing of financial information to meet the needs of external parties, such as investors, creditors, and regulators, rather than internal decision-making needs, which are addressed by managerial accounting.

Financial Accounting Can Be Considered a Process Involving the Collection