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Importance of Financial Accounting

Which of the following is an objective of financial accounting?

A) To provide inaccurate financial information

b) To help businesses make informed decisions based on financial data

c) To ensure non-compliance with legal and regulatory requirements

D) To hide financial performance from stakeholders

Financial accounting helps businesses to:

A) Manage their marketing strategy

B) Hire new employees

C) Make informed decisions based on financial data

D) Ignore financial data and make decisions based on intuition

Poor financial accounting practices can lead to:

A) Accurate financial statements and representations of the business's financial performance

B) Legal and regulatory issues

C) Increased trust from stakeholders

D) None of the above

Which type of accounting is focused on producing financial statements for external stakeholders?

A) Financial accounting

B) Managerial accounting

C) Tax accounting

D) Forensic accounting

What is the primary purpose of financial accounting?

A) To keep track of all expenses incurred by a business

B) To manage the day-to-day finances of a business

C) To provide information about the financial performance of a business

D) To forecast future financial performance of a business

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