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The correct options (A) It prescribes the nature, function, and limits of financial accounting and reporting, (B) It provides structure and direction to financial accounting and reporting, (C) It sets forth the underlying concepts of accounting that guide the selection of events to be accounted for the measurement of those events, and the means of summarizing and communicating them to interested parties.)
What is Financial Accounting?
Financial accounting is a particular discipline of accounting that deals with the process of documenting, compiling, and presenting the numerous transactions resulting from corporate operations throughout time.
Financial statements, such as the balance sheet, income statement, and cash flow statement, which track the business' operating performance over a given time period, are prepared using a summary of these activities.
Both the public and private sectors offer job prospects for financial accountants. The responsibilities of a financial accountant may be different from those of a general accountant, who works for himself or herself as opposed to directly for a business or organization.
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