The Primary Objective of Financial Accounting Is To

question 27

Multiple Choice

The primary objective of financial accounting is to:

• A)Serve the decision-making needs of internal users.
• B)Provide accounting information that serves external users.
• C)Monitor and control company activities.
• D)Provide information on both the costs and benefits of looking after products and services.
• E)Know what,when,and how much product to produce.

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Definitions:

Revenue Variances

Differences between actual revenues and expected revenues.

Cost Drivers

Elements that cause a change in the cost of an activity, affecting the overall expense of producing a product or delivering a service.

Jeep Tours

An off-road adventure experience provided by tour operators where participants explore rough terrains using jeeps.

Colorado Rockies

A major mountain range in the western United States extending from the northernmost part of New Mexico to British Columbia in Canada.