_____ Deals with Reporting to Outsiders

question 139

Multiple Choice

_____ deals with reporting to outsiders._____ accounting deals with the internal operations of the firm.

• A)Bookkeeping; Financial accounting
• B)Financial accounting; Auditing
• C)Auditing; Managerial accounting
• D)External accounting; Internal accounting
• E)Financial accounting; Managerial accounting

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Definitions:

Accumulated Depreciation

The cumulative sum of depreciation costs recorded for a fixed asset since its initial use.

Patents

Exclusive rights to produce and sell goods with one or more unique features.

Net Income

The total profit or loss a company generates from its operations over a specific period after all expenses have been subtracted from revenues.

Operating Activities

The element of a company's cash flow statement that represents the cash flow from regular business operations.