The Basic Accounting Concepts and Principles

Multiple Choice

The basic accounting concepts and principles:

A) explain the difference between managerial and financial accounting.
B) provide financial information about the reporting entity that is useful to existing and potential investors,lenders and other creditors in making decisions about providing resources to the entity.
C) are an important way in which management discharges its accountability to investors and other outside users.
D) provide a structure for helping us to judge whether specific rules and methods for calculating and reporting accounting information are consistent with each other.