Question

financial accounting focuses on the needs of external users, who get accounting information from general-purpose financial statements. true or false

Answer 1

It is a false statement that a financial accounting focuses on the needs of external users who get accounting information from general-purpose financial statements.

Who are external users of financial accounting?

An investors is the most common external users of financial statements because they make and assess their investment decisions by using relevant financial information in a company's financial statements

But external users of financial accounting such as shareholders, boards also uses the financial accounting, therefore, It is a false statement that a financial accounting focuses on the needs of external users who get accounting information from general-purpose financial statements.

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