SI ACCT 021 (LEO-FALL 21) 7 Week 1 Introduction to Accounting / Chapter 11 Self-test Which of the following is NOT a key characteristic of financial accounting? Select one: O a. Primary focus on external reporting O b. Developed to ensure accountability to stakeholders O e Founded primarily in regulation O d. Initially developed in response to the Industrial Revolution Which of the following best describes the main difference between management accounting and financial accounting? Select one: O a Management accounting is focused on non-financial factors, whereas financial accounting is focused on financial factors O b. Management accounting is primarily concerned with external stakeholders, such as shareholders and investors O c Management accounting is focused on internal users of information and is concerned with information used for planning, decision making, and control O d. Management accounting is based solely on cost control within organizations Why are stewardship and accountability interrelated? Select one a Accountability would not be necessary without stewardship O b. Accountability is important since owners are separate from the management of most companies O Part of the role of a steward is to be accountable to the owners of a company Od Stewardship and accountability are separate concepts and are not interrelated e Both and Nex