1 point The financial statements most frequently provided include all of the following except the * balance sheet income statement statement of cash flows statement of retained earnings Other: 1 point The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, but not to users who are not investors.* True False 1 point Users of financial reports provided by a company use that information to make their capital allocation decisions * True False 1 point Investors are interested in financial reporting because it provides information that is useful for making decisions (decision-usefulness approach). True False Users of financial reports include all of the following except * 1 point creditors. government agencies. unions All of these are users. Users of financial reports include all of the following except * 1 point creditors. government agencies. unions All of these are users. Other: Explain how accounting assists in the efficient use of scarce resources. 5 points Your answer General-purpose financial statements are the product of * 1 point neither financial nor managerial accounting. both financial and managerial accounting managerial accounting. financial accounting. Other: Primary users for general-purpose financial statements include * 1 point creditors. employees. investors. both creditors and investors. 1 point Which of the following is not a major challenge facing the accounting profession? Nonfinancial measurements. Timeliness Accounting for hard assets. Forward-looking information. 1 point Which of the following represents a form of communication through financial reporting but not through financial statements? Balance sheet President's letter Income statement Notes to financial statements Other: 1 point The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization's operations is called financial accounting. managerial accounting. tax accounting auditing 1 point An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit. * True False