Question

The information provided by financial reporting pertains to A. Individual business enterprises rather than to industries or an economy as a whole or members of society as consumers. B. Individual business enterprises and industries rather than to an economy as a whole or members of society as consumers. C. Individual business enterprises and an economy as a whole rather than to industries or to members of society as consumers. D. Individual business enterprises, industries, and an economy rather than to members of society as consumers.

Answer 1

Answer:

The correct answer is (B)

Explanation:

Financial reporting and financial statements are the practices which are done by an individual company to account for expenses and revenue. Similarly, financial reporting is concerned with individual enterprises, rather the economy as a whole. Financial reporting is affected by macroeconomic conditions of a country, but it does not affect the economy as a whole.