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Which is not characteristic of financial accounting

Assignment Help Financial Accounting
Reference no: EM132856515

Problem 1: Financial accounting information is:

A. Designed to assist investors and creditors.

B. Not used by managers and in income tax returns.

C. Called "special-purpose" accounting information.

D. Not applicable to individuals.

Problem 2: Which of the following is not characteristic of financial accounting?

A. Information used in financial statements is prepared in conformity with generally accepted accounting principles.

B. The information is confidential and is intended for use only by company management.

C. The information is used in a wide variety of business decisions.

D. The information is developed primarily by "private accountants" that is, accountants employed by business organizations.

Problem 3: Which of the following events is not a transaction that would be recorded in a company's accounting records?

A. The purchase of equipment for cash.

B. The purchase of equipment on account.

C. The investment of additional cash in the business by the owner.

D. The death of a key executive.

Reference no: EM132856515

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