Which of the following statements pertaining to Accounting is correct? A. Accounting is a fixed science. B. The double-entry system of accounting has been used for centuries C. The objective of external financial statements is to communicate the economic effects only of completed transactions and other events in the entity for management decision-making D. General purpose financial statements were developed primarily because all outside party users have the same information needs
Which of the following statements pertaining to Accounting is correct? A. Accounting is a fixed science. B. The double-entry system of accounting has been used for centuries C. The objective of external financial statements is to communicate the economic effects only of completed transactions and other events in the entity for management decision-making D. General purpose financial statements were developed primarily because all outside party users have the same information needs
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 6MC
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