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Financial Accounting

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Major Fields of Accounting

FINACT-BND4YG

The two major fields of accounting are financial accounting and managerial accounting. Select ALL of the statements that are TRUE concerning these two fields of accounting.

A

Managerial accounting serves to provide financial and accounting data to internal decision makers within a business such as managers and employees.

B

Financial accounting serves to provide financial and accounting data to external decision makers of a business such as investors, creditors, and regulators.

C

Financial accounting provides its users with reports that are not subject to any particular rules, but are designed with the special needs of the users in mind.

D

Managerial accounting provides its users with reports that must follow generally accepted accounting principles.

E

Managerial accounting provides its users with information that is used to help improve the efficiency and effectiveness of an organization.

F

Financial accounting provides its users with information that is used to help them assess the financial health of a business.