Which of the following refers to accounting information that is used by investors, creditors, and other outside parties for analyzing management performance and decision-making?
a. Managerial accounting
b. Financial accounting
c. Income tax accounting
d. Institutional accounting
ANSWER: B
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Which dimensional actions are the most risky for the identity thief?
a. Third dimensional actions b. Second dimensional actions c. First dimensional actions d. Fourth dimensional actions
Answer the following statements true (T) or false (F)
In the sources section of the statement of changes in financial position, transactions are subclassified into those affecting liquid assets and those affecting other accounts.
The owners of a corporation are the:
A) Board of Directors B) Shareholders. C) Executive Officers. D) Members.
A corporation ________
A) must use the straight-line depreciation method for tax purposes and double declining depreciation method financial reporting purposes B) can use straight-line depreciation method for tax purposes and MACRS depreciation method financial reporting purposes C) can use different depreciation methods for tax and financial reporting purposes D) must use different depreciation method for tax purposes, but strictly mandated depreciation methods for financial reporting purposes