1. What distinguishes financial accounting and reporting, from managerial accounting? 2. The objectives of financial reporting for a business entity are based on which elements (a) Generally accepted...

2. The objectives of financial reporting for a business entity are based on which elements (a) Generally accepted accounting principles (b) The needs of users (c) The needs for managers to be accountable to owners/investors (d) The accrual accounting principle (e) Tax policies formulated by the tax authorities of the country