C. Taking your competition seriously.
Answer:
Provide accounting information that serves external users.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. Examples of financial statements includes Balance sheet, cash-flow and income statement.
Hence, the primary objective of financial accounting is to provide accounting information that serves external users so as to enable them have a good understanding of the financial inclination of a business firm and thus, make an informed decision whether or not to invest in the business firm.
Answer: must consider the reactions of its rivals before it determines its price policy.
Explanation:
The mutual interdependence which characterizes oligopoly was as a result of a small number of firms that produce a large proportion of the output on an industry.
Mutual interdependence is a term that explains that oligopolies benefit from one another through market share, price allocation, product differentiation, and location in terms of geography,
For example, if Coke wants to sell more of its product and reduces itst prices, Pepsi will notice that there's a sales fall.