managers and also persons outside the organization. c The personnel, procedures, devices, and records used by an entity to develop accounting d The concepts, principles, and standards specifying the information which should be included information and communicate this information to decision makers. in financial statements, and how that information should be presented 2. Which of the following is generally not considered one of the general purpose financial statements issued by a corporation? a Budget forecast. b Balance sheet. c Income statement. d Statement of cash flows. 3. All of the following are characteristics of management accounting, except: Reports are used primarily by insiders rather than by persons outside of the business entity b a Its purpose is to assist managers in planning and controlling business operations. c Information must be developed in conformity with generally accepted accounting principles or with income tax regulations. d Information may be tailored to assist in specific management decisions. Which of the following is not an objective of financial reporting? a b e 4. Provide inform Provide information useful in making investment and credit decisions. Provide information about economic resources, claims to resources, and changes in resources and claims. Provide information to guarantee the enterprise achieves its goals, objectives, and mission. ation useful in assessing amount, timing, and uncertainty of future cash flows. d i The halance sheet of Dotty Designs includes the following items