Question

which of the following is most associated with financial accounting reports? multiple choice can be prepared for the entity or segment prepared in accordance with gaap can be prepared periodically, or as needed can have both objective and subjective information

Answer 1

Financial accounting reports are closely associated with adherence to GAAP, ensuring reliability and comparability for external users.

Step-by-step explanation:

The financial accounting reports are most associated with being prepared in accordance with GAAP (Generally Accepted Accounting Principles). These principles are a set of rules and standards designed to ensure the consistency, comparability, and reliability of financial statements.

Unlike managerial accounting reports which can be prepared for specific segments and may include both objective and subjective information, financial accounting reports provide an objective overview of a business's financial performance and position, intended to be used by external stakeholders like investors, creditors, and regulatory agencies.