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  • What Is The Function and Primary Focus of Financial Accounting

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    JAHNHANNALEI MARTICIO
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    Financial accounting focuses on providing financial information to external users to help them make economic decisions. The two categories of users are investors and creditors who have different decision making needs. A company reports its financial information through financial statements prepared according to generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS) set by the International Accounting Standards Board, which is working to develop a common set of global accounting standards to reduce differences between national standards.

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    What is the Function and Primary Focus of Financial Accounting

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    Financial accounting focuses on providing financial information to external users to help them make economic decisions. The two categories of users are investors and creditors who have different decision making needs. A company reports its financial information through financial statements prepared according to generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS) set by the International Accounting Standards Board, which is working to develop a common set of global accounting standards to reduce differences between national standards.

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    7 views1 page

    What Is The Function and Primary Focus of Financial Accounting

    Uploaded by

    JAHNHANNALEI MARTICIO
    Financial accounting focuses on providing financial information to external users to help them make economic decisions. The two categories of users are investors and creditors who have different decision making needs. A company reports its financial information through financial statements prepared according to generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS) set by the International Accounting Standards Board, which is working to develop a common set of global accounting standards to reduce differences between national standards.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1. What is the function and primary focus of financial accounting?

    2. What are the two categories of financial statement users? Differentiate their decision-
    making needs
    3. Describe financial reporting and how may a company’s financial information be reported?
    4. What is the international accounting standards board and what is its role?
    5. Why are differing national accounting standards converging to a common global standard?s

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