________ Is the Field of Accounting That Develops Information for External

question 20

Multiple Choice

________ is the field of accounting that develops information for external parties such as stockholders,suppliers,banks and governmental regulatory bodies.

• A) Auditing
• B) Internal auditing
• C) Management accounting
• D) Financial accounting

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Definitions:

Cost Price

The amount of money spent to produce a good or service, excluding any markup for profit.

Reduction

The action of making something smaller or less in amount, degree, or size.

Interest Rate

The rate at which a borrower pays interest to a lender for the utilization of borrowed funds.

Mortgages

Loans specifically used to purchase real estate, in which the property itself serves as collateral against the borrowed funds.