What Is Accounting Information Developed Primarily for External Decision Makers

question 81

Multiple Choice

What is accounting information developed primarily for external decision makers called?

• A)Financial accounting.
• B)Cost accounting.
• C)Auditing.
• D)Management accounting.

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Definitions:

Secured Creditor

A lender or creditor that has the right to claim specific assets or collateral if the borrower defaults on an agreement.

Repossesses

The action of taking back possession of property, typically by a seller or lender, from the buyer or borrower due to non-compliance with the terms of sale or loan.

Consequential Damages

Damages that do not directly arise from the breach of a contract but result from the breach's indirect effects.

Inventory

The total amount of goods and materials on hand available for sale to customers in the course of business operations.