What is the primary purpose of financial accounting?

A. To provide information that is useful in making investment and credit decisions.
B. To help management in making business decisions.
C. To ensure that a company’s financial statements are accurate and comply with regulations.
D. To track the company’s cash flow and financial performance.

Question

13-07-2024
Business

Answered

What is the primary purpose of financial accounting?

A. To provide information that is useful in making investment and credit decisions.
B. To help management in making business decisions.
C. To ensure that a company’s financial statements are accurate and comply with regulations.
D. To track the company’s cash flow and financial performance.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-13T19:28:06-04:00

Final answer:

Financial accounting helps organizations make informed financial decisions through analyzing financial statements to understand the organization's financial status and alignment with its mission.

Explanation:

The primary purpose of financial accounting is to help organizations make better financial decisions by providing a clear picture of their financial status through financial statement analysis. This analysis includes assessing where an organization's money is coming from, where it is being spent, and ensuring that its financial activities align with its mission and strategy.

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