The Primary Objective of Financial Accounting Is

question 41

Multiple Choice

The primary objective of financial accounting is:

• A)To serve the decision-making needs of internal users
• B)To provide financial statements to help external users analyze and interpret an organization's activities
• C)To monitor and control company activities
• D)To provide information on both the costs and benefits of managing products and services
• E)To know what,when and how much to produce

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Definitions:

Patent Infringement

Unauthorized use, sale, or production of a patented invention without the patent holder's permission.

Genetically Modified Seeds

Seeds that have been altered using genetic engineering techniques to exhibit traits such as pesticide resistance or increased nutritional value.

Service Mark

A trademark used to identify and distinguish the services (rather than products) of one provider from those of others.

Trade Name

The name under which a business operates and is known to the public, different from its legal name.