financial accounting provides the primary source of information for . question 42 options: decision making in the finishing department improving customer service planning next year's operating budget preparing the income statement for shareholders

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camjoyner1924 camjoyner1924

21-10-2022
Business

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financial accounting provides the primary source of information for . question 42 options: decision making in the finishing department improving customer service planning next year's operating budget preparing the income statement for shareholders

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-10-24T14:54:23-04:00

Financial accounting provides the primary source of information for preparing the income statement for shareholders.

Financial accounting is crucial for the preparation of financial statements including the income statement, balance sheet, and cash flow statement since it maintains systematic records of financial activities. These financial accounts are also utilized by managers to create budgets and make crucial financial choices.

The area of accounting known as financial accounting is focused on compiling, analyzing, and reporting financial transactions pertaining to businesses.

This entails the creation of publicly accessible financial statements. Examples of those who are interested in getting such information for decision-making include shareholders, suppliers, banks, workers, government agencies, business owners, and other stakeholders. Accounting rules from both domestic and foreign jurisdictions control financial accounting.

Learn more about Financial accounting, here

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