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Financial accounting is concerned with –
  • a)
    Recording of business expenses and revenue
  • b)
    Recording of costs of products and services
  • c)
    Recording of day to day business transactions
  • d)
    None of the above
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Financial accounting is concerned with –a)Recording of business ...
The preparation and presentation of financial statements, including the balance sheet, income statement, and cash flow statement. It involves the recording, summarizing, and reporting of financial transactions of a business or organization in accordance with Generally Accepted Accounting Principles (GAAP). The primary purpose of financial accounting is to provide information to external users, such as investors, creditors, and regulators, to make informed decisions about the financial health and performance of the entity. It also plays a vital role in helping management make strategic decisions and evaluating the effectiveness of their operations.
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Financial accounting is concerned with –a)Recording of business ...
Yes c is correct because recording day to day transaction is financial accounting either it is cash or accrual basis
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Financial accounting is concerned with –a)Recording of business expenses and revenueb)Recording of costs of products and servicesc)Recording of day to day business transactionsd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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