1000: Management vs Financial Flashcards
1
Q
Who are the main users of financial accounting?
A
External users- including shareholders and creditors
2
Q
What types of reports are made in financial accounting?
A
Financial statements: balance sheets, etc.
3
Q
Financial reports are issued quarterly, _ , and annually
A
half-yearly
4
Q
What is the purpose of producing financial statements?
A
To provide general purpose information for all users
5
Q
What is the verification process for financial accounting?
A
Annual independent audit by external audit
