Which of the following branches of accounting is often limited to preparing and distributing financial reports?a. Managerial Accountingb. Auditingc. Financial Accountingd. Cost Accounting

c. Financial Accounting

Explanation:

Financial Accounting focuses on the preparation of financial statements in under the Financial Reporting standards of IFRS - International Financial Reporting Standards or GAAP - Genarally Accepted Accounting Principles.

This branch looks into the presentation and disclosure of items that meet the definition and recognition criteria of assets, liabilities, income, expenses and equity in the financial statement.

The users usually targeted by these statements are the third parties that include shareholders, potential shareholders, tax authorities and creditors to mention but a few.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; competency based pay;