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Financial Accounting

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Primary Objective of Financial Reporting

FINACT-LYVPCG

According to the FASB's Conceptual Framework, the primary objective of financial reporting is to...

A

provide information to taxing agencies to ensure an entity has paid its fair share of the tax burden.

B

provide predictive information related to the guaranteed returns an investor should expect if they decide to invest in a company.

C

provide useful information to investors and creditors in their role as capital providers to business.

D

report past performance of a company to its internal management to help them determine the best strategy going forward.