What is the main objective of financial reporting?

A) To provide cash projections for future accounting periods.
B) To provide information to users for decision making.
C) To compare actual with budgeted results.
D) To ensure an owner has the information necessary to decide what distribution to take.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Cash Projections

Estimates of a company's future financial position based on expected cash inflows and outflows over a certain period.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.