Financial Accounting Is the Field of Accounting Concerned with External Users of a Users

question 102

Short Answer

Financial accounting is
the field of accounting concerned with external users of a company's financial information.
the rules and procedures governing the content and form of financial reports.
a systematic examination of a company's accounting system to determine whether its financial reports fairly represent its operations.
a bookkeeping system that balances the accounting equation by recording the dual effects of every financial transaction.
a field of accounting that serves internal users of a company's financial information.

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Definitions:

Supplier Goodwill

The positive reputation and relationship a supplier builds over time, which can lead to preferential treatment, better terms, or ongoing business opportunities.

Supply Manager

A professional responsible for managing and overseeing the procurement of goods and services in an organization, including supplier selection and contract negotiation.

Best Estimate

An informed, accurate guess based on available data, used in various contexts to project outcomes or make decisions.

Weighted Point Evaluation System

A decision-making tool that helps businesses evaluate various choices based on a series of criteria, each of which is assigned a different weight based on its importance.