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WAEC Financial Accounting 2007 Question 5

Question 5

Introduction to Accounting

Financial accounting information is for

  1. A.internal use only
  2. B.external use only
  3. C.business use only
  4. D.internal and external use.
Show the answer and explanation

Answer: D (internal and external use.)

Explanation

Owners, managers, lenders, government and others all use it.