_____ is a formal,rule-based set of accounting principles and procedures intended for use by outside owners,investors,banks,and regulators.
A)Managerial accounting
B)Tax accounting
C)Financial accounting
D)Market accounting

Question

Quizplus · Accepted Answer

Financial accounting focuses on providing financial information to external parties, such as investors, creditors, and regulatory agencies. It uses a formal, rule-based set of accounting principles and procedures, such as GAAP (Generally Accepted Accounting Principles) in the United States, to ensure consistency and accuracy in financial reporting. Managerial accounting, on the other hand, is geared towards internal decision-making and focuses on providing financial information to managers within an organization. Tax accounting deals with preparing tax returns and complying with tax laws and regulations. Market accounting is not a commonly used term in accounting.

_____ Is a Formal,rule-Based Set of Accounting Principles and Procedures