Financial Accounting

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Theory Questions & Answers

  • Records the financial transactions only
  • A continuous process
  • Analysis and interpretation
  • Historic in nature
  • Based on GAAP
  • Records monetary transactions only
  • Doesn’t Consider Current Market Conditions
  • Subjectivity in Accounting Policies
  • Not Forward-Looking
  • No Consideration of Non-Financial Performance
users of financial accounting
internal uses of financial information
external users

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