Financial Accounting Is All of the Following Except

question 58

Multiple Choice

Financial accounting is all of the following except:

• A) A process of gathering and summarizing information primarily for external reports
• B) Preparing financial statements according to Generally Accepted Accounting Principles
• C) Information used by shareholders, creditors, and regulators for decision-making
• D) Preparing information for internal reporting and decision-making

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Definitions:

NAFTA

The North American Free Trade Agreement, a treaty entered into by the United States, Canada, and Mexico to eliminate trade barriers and facilitate the exchange of goods and services.

Bill Clinton

The 42nd President of the United States who served from 1993 to 2001, known for his centrist policies and economic prosperity during his tenure.

Protective Tariff

A tariff imposed to protect domestic industries from foreign competition by increasing the cost of imported goods.

Free-Trade Zone

A designated area within a country where goods can be imported, stored, processed, and exported without the intervention of customs authorities.