Question

Accounts that are prepared in order to comply with statutory requirement and to cater the information requirement of external users are known as

• A. Management Accounts
• B. Financial Accounts
• C. Management information systems
• D. Cost accounts

Answer 1

Answer: (B)

Financial Accounts

Accounts that are prepared in order to comply with statutory requirement and to cater for the information requirement of external users are known as Financial Accounts.
Management accounts are prepared for the internal purpose it is not distributed to people from the outer world.