The field of accounting that depends on generally accepted accounting principles

Question

The field of accounting that depends on generally accepted accounting principles is called? A. International accounting B. Responsible accounting C. Managerial accounting D. Financial accounting E. Cost accounting The field of accounting that depends on generally accepted accounting principles is called? A. International accounting B. Responsible accounting C. Managerial accounting D. Financial accounting E. Cost accounting A. International accounting B. Responsible accounting C. Managerial accounting D. Financial accounting E. Cost accounting

Explanation / Answer

The correct choice is D. Financial accounting

Explanation : - Financial accounting is concerned with reporting to external agencies namely shareholders, government banks etc.  Financial accounting is based on generally accepted accounting principles and rules and regulations framed by the government.

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