The Field of Accounting That Focuses on Providing Information for Internal

question 31

Multiple Choice

The field of accounting that focuses on providing information for internal decision makers is ________.

• A) managerial accounting
• B) financial accounting
• C) nonmonetary accounting
• D) governmental accounting

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Definitions:

Economic Wellbeing

A measurement of how well individuals and societies can fulfill their needs and wants, often associated with income, employment, and quality of life.

National Income

The total value of all goods and services produced by a country over a specific period, typically a year, including income from abroad.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.