Unformatted text preview: s 3/7 11/18/13 8. Assignme nt Pr int Vie w awar d: 5 out of
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
The principal difference between management accounting and financial accounting is that financial accounting
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
Oriented toward measuring solvency rather than profitability. Mul...
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- Fall '08
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