Which of the Following Statements Is True of Financial Accounting

question 114

Multiple Choice

Which of the following statements is true of financial accounting?

• A)Under financial accounting,reports are prepared using generally accepted accounting principles.
• B)Financial accounting focuses on providing information primarily for internal use.
• C)Financial accounting includes more subjective data like possibility of competitors' reactions to a company's new sales prices.
• D)Information reported by financial accounting is not shared with those outside the company.

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Definitions:

ICD-10

The International Classification of Diseases, 10th Revision, a medical classification list by the World Health Organization, which codes for diseases, signs and symptoms, abnormal findings, and external causes of injury or diseases.

ICD-9

The International Classification of Diseases, Ninth Revision (ICD-9) is a set of codes used to classify diseases and a wide variety of symptoms, injuries, and causes of death, facilitating uniform data collection and reporting.

Visual Images

Representations of objects, scenes, or people produced by the mind or through devices like cameras, forming a perceived likened to that seen by the eyes.