Financial Accounting ________

question 76

Multiple Choice

Financial accounting ________.

• A) focuses on the future and includes activities such as preparing next year's operating budget
• B) must comply with GAAP (generally accepted accounting principles)
• C) is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization
• D) is prepared for the use of department heads and other employees

---

Definitions:

Koran

The holy book of Islam, believed to be the word of God (Allah) as dictated to Muhammad over a 23-year period.

Deontological Approach

A philosophical stance emphasizing duty, where the morality of an action is based on adherence to rules or duties rather than the consequences.

Immanuel Kant

An 18th-century German philosopher known for his work in epistemology, ethics, and aesthetics, particularly for his philosophy of the categorical imperative.

Ethics

The study of moral principles that govern an individual's behavior or conducting of an activity.