Answered: Which one of the following statements…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.1E

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don't use ai , chat gpt , bartlby, course for answer i will definitely 7 dislike O d. $30 O e $6 Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whic do not need to be audited. O b. Only financial accounting involves the use of accounting information. None of the given answers JIm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountrig e. Management accounting information emphasize supporting decisions that affect the future unlike financial accountin information, which focus on the consequences of past activities of the organization. GE NEXT PAGE

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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