Which of Following Is TRUE

question 134

Multiple Choice

Which of following is TRUE?

• A) Management accounting focuses on historical transactions.
• B) Financial accounting uses the cash basis for recording transactions.
• C) Financial accounting focuses on future data.
• D) Management accounting focuses on relevant data.

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Definitions:

Shareholders

Individuals or entities that own shares in a corporation, giving them partial ownership of the company.

Professional Corporation

A legal structure allowing licensed professionals, such as lawyers, doctors, or accountants, to form a corporation with certain tax and liability advantages.

Partners

Individuals who share ownership and responsibilities in managing a business or organization.

Paralegal Manager

A professional responsible for overseeing the work of paralegals in a law firm or legal department, ensuring efficiency and compliance.