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Unformatted text preview: s 3/7 11/18/13 8. Assignme nt Pr int Vie w awar d: 5 out of 5.00 points Financial statements are prepared: Only for publicly owned business organizations. For corporations, but not for sole proprietorships or partnerships. Primarily for the benefit of persons outside of the business organization. In either monetary or nonmonetary terms, depending upon the need of the decision maker. Multiple Choice 9. Learning Objective: 01­03 Explain the importance of financial accounting information for external parties—primarily investors and creditors—in terms of the objectives and the characteristics of that information. awar d: 5 out of 5.00 points The principal difference between management accounting and financial accounting is that financial accounting information is: Prepared by managers. Intended primarily for use by decision makers outside the business organization. Prepared in accordance with a set of accounting principles developed by the Institute of Certified Management Accountants. Oriented toward measuring solvency rather than profitability. Mul...
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