Asked by Jillian Hearne on May 20, 2024
Verified
Two common areas of accounting that respectively provide information to internal and external users are
A) forensic accounting and financial accounting
B) managerial accounting and financial accounting
C) managerial accounting and environmental accounting
D) financial accounting and tax accounting systems
Forensic Accounting
The practice of using accounting skills to investigate fraud or embezzlement and to analyze financial information for use in legal proceedings.
Managerial Accounting
The field of accounting focused on providing financial and nonfinancial information to help managers make decisions to fulfill the objectives of an organization.
Financial Accounting
The field of accounting focused on the preparation of financial statements for external users, such as investors and creditors.
- Identify the distinctions between internal and external users of financial data and their unique requirements.
- Recognize different sectors of accounting and their significance in making business decisions.
Verified Answer
Learning Objectives
- Identify the distinctions between internal and external users of financial data and their unique requirements.
- Recognize different sectors of accounting and their significance in making business decisions.
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