jramos9896 jramos9896

24-10-2022
Business

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which of the following entities must use fund accounting for external financial reporting purposes? a. businesses b. nonprofit organizations c. state and local governments d. federal government

Answer :

SonaDas SonaDas

04-11-2022

State and local governments must use fund accounting for external financial reporting purposes. Hence Option C is the answer.

Explain external financial reporting.

Providing prospective investors and shareholders with frequent financial updates is a practice known as "external financial reporting." In order for investors to make an investment choice, the reports generally consist of financial statements and other pertinent information about the company. Investors, creditors, and lenders frequently utilize this data to assess a company's performance and debt repayment capacity. What goals are there for external financial reporting?

The creation of financial reports for external parties, particularly financial statements for external purposes, is addressed by external financial reporting objectives. The financial and accounting books and records of a company serve as the basis for additional external financial reporting.

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