Multiple Choice
Which of the following statements is correct?
A) Financial Accounting is a legal requirement. It is concerned with producing the accounts of an entity, and is produced for stakeholders. Management accounting is not a legal requirement, and is for use within the company.
B) Financial Accounting is a legal requirement. It is concerned with the financing of the entity. Management accounting is also a legal requirement, and together they are used to produce the accounts of the entity.
C) Financial Accounting is not a legal requirement. It is concerned with the cash flow of the entity. Management Accounting is a legal requirement, and this is used to produce the accounts of the entity.
D) Financial Accounting is not a legal requirement. It is concerned with the financing of the entity. Management accounting is also not legally required, and is for use within the company.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Which of the following statements is correct?<br>A)
Q8: What a company owns is known as
Q9: The accounting equation can be stated as:<br>A)
Q10: Which of the following statements is correct?<br>A)
Q11: If a company has long-term borrowings of
Q13: The main purpose of financial accounting information
Q14: Inventory,trade receivables and cash are classified as:<br>A)
Q15: The accounting equation can be stated as:<br>A)
Q16: Revenue from sales decrease assets and decrease
Q17: Non-current liabilities include long-term borrowings such as