Of the Following,the Most Important Objective for Financial Accounting Is

question 47

Multiple Choice

Of the following,the most important objective for financial accounting is to provide information useful for:

• A)Predicting cash flows.
• B)Determining taxable income.
• C)Providing accountability.

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Definitions:

Efficient Level

The point at which a system or process achieves its maximum productivity with the least wasted effort or expense.

Efficient Amount

The quantity of a good or service that achieves the optimal balance between benefits and costs, maximizing societal welfare.

Marginal Social Cost

The additional cost imposed on society as a whole by producing one more unit of a good or service.

External Costs

External costs are expenses that are not borne by the individuals or organizations responsible but rather by society as a whole, often involving negative environmental impacts.