The Basic Accounting Concepts and Principles

question 31

Multiple Choice

The basic accounting concepts and principles:

• A)explain the difference between managerial and financial accounting.
• B)provide financial information about the reporting entity that is useful to existing and potential investors,lenders and other creditors in making decisions about providing resources to the entity.
• C)are an important way in which management discharges its accountability to investors and other outside users.
• D)provide a structure for helping us to judge whether specific rules and methods for calculating and reporting accounting information are consistent with each other.

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Definitions:

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A file extension for Microsoft Word template files starting with Word 2007, designed to save document formatting and settings for future use.